Frontdoor (FTDR) said Thursday it has launched the syndication of a $1.47 billion credit facility to back its acquisition of 2-10 Home Buyers Warranty and to refinance its existing credit facilities.
The new facility is expected to be comprised of a $418 million term loan A, an $800 million term loan B, and a $250 million revolving credit facility, the company said.
Closing of the credit facilities, expected in mid-December, is subject to market conditions, the company said.
Frontdoor also said California has cleared the 2-10 acquisition, which is also expected to close in mid-December, subject to satisfaction of the other closing conditions, the company said.
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