Frontdoor, Inc 8-K, filed May 10, 2021
Frontdoor, Inc. (FTDR)
About this 8-K
Frontdoor, Inc filed this 8-K on May 10, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
On May 10, 2021, frontdoor, inc. (the “Company”) announced its intention to launch a refinancing and deleveraging transaction to significantly reduce annual interest expense and extend maturities. This action is expected to include using cash on hand and issuing new term loans as well as a new revolving credit facility to repay the existing $350 million 6.750% Senior Notes due in 2026, as well as a Term Loan B due in 2025. The press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
The information contained in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information contained in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document or filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this report that is provided in connection with Regulation FD.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description of Exhibit | |
| 99.1 | Press Release of frontdoor, inc., dated May 10, 2021 | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 10, 2021 | FRONTDOOR, INC. | |||||
| By: | /s/ Jeffrey A. Fiarman | |||||
| Name: | Jeffrey A. Fiarman | |||||
| Title: | Senior Vice President General Counsel and Secretary | |||||
Exhibit 99.1
| Investor Relations | Media | |||
| Matt Davis | Alison Bishop | |||
| 901-701-5199 | 901-701-5198 | |||
| IR@frontdoorhome.com | MediaCenter@frontdoorhome.com |
Frontdoor, Inc. Announces Refinancing and Deleveraging Transaction to Significantly Reduce Annual Interest Expense and Extend Maturities
MEMPHIS, Tenn. (May 10, 2021) – Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced that it is launching a refinancing transaction to significantly reduce annual interest expense and extend maturities.
This action is expected to include using cash on hand and issuing new term loans as well as a new revolving credit facility to repay the existing $350 million 6.750% Senior Notes due 2026 (the “Notes”), as well as refinance the existing credit facility comprised of a revolving credit facility due in 2023 and a Term Loan B due in 2025.
As a result of this transaction, the company expects to reduce gross leverage, reduce its weighted average interest rate and extend its average maturity.
Finalized details relating to the transactions will be made public at transaction closing, which is expected in June.
This press release shall not constitute the solicitation of an offer to buy any Notes, nor shall there be any solicitation of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Frontdoor
Frontdoor is a company that’s obsessed with taking the hassle out of owning a home. With services powered by people and enabled by technology, it is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard, as well as ProConnect, an on-demand membership service for home repairs and maintenance, and Streem, a technology company that enables businesses to serve customers through an enhanced augmented reality, computer vision and machine learning platform. Frontdoor serves 2.2 million customers across the U.S. through a network of approximately 17,500 pre-qualified contractor firms that employ an estimated 62,000 technicians. The company’s customizable home service plans help customers protect and maintain their homes from costly and unexpected breakdowns of essential home systems and appliances. With 50 years of home services experience, the company responds to over four million service requests annually. For details, visit frontdoorhome.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor’s filings with the United States Securities and Exchange Commission (which are available on the SEC’s EDGAR database at www.sec.gov and via Frontdoor’s website at investors.frontdoorhome.com).
Source: Frontdoor, Inc.
FTDR-Financial
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