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ServiceMaster Announces IPO of Common Stock

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ServiceMaster Global Holdings announced that it has priced an initial public offering of 35,900,000 shares of common stock at $17 a share.

| June 26, 2014

MEMPHIS, Tenn. —  ServiceMaster Global Holdings, Inc.,announced that it has priced an initial public offering of 35,900,000 shares of common stock at $17 a share. The shares are expected to begin trading on the New York Stock Exchange tomorrow under the ticker symbol SERV.

The company has granted the underwriters a 30-day option to purchase up to an additional 5,385,000 shares of common stock.

The company intends to use the net proceeds of the offering (i) to redeem (a) $210 million of the outstanding principal of the 8% senior notes due 2020 issued by its subsidiary, The ServiceMaster Company, LLC ("SvM"), at a redemption price equal to 108% of the principal amount thereof, plus accrued interest and (b) $262.5 million of the outstanding principal of SvM's 7% senior notes due 2020 issued at a redemption price equal to 107% of the principal amount thereof, plus accrued interest; (ii) to pay certain shareholders consulting termination fees of $21 million; and (iii) to repay borrowings under SvM's existing term loan facility with any remaining proceeds.

The offering is being made through an underwriting group led by J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC, who are acting as joint book-running managers and as representatives of the underwriters for the offering. Additional book-running managers are BofA Merrill Lynch, Jefferies LLC, Natixis Securities Americas LLC and RBC Capital Markets, LLC. Robert W. Baird & Co. Incorporated, Piper Jaffray & Co. and Samuel A. Ramirez & Company, Inc. are acting as co-managers for the offering.

Copies of the prospectus may be obtained from:

    J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Ave., Edgewood, N.Y. 11717, or by telephone at (866) 803-9204;
    Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, or by telephone at (800) 221-1037, or by email at newyork.prospectus@credit-suisse.com;
    Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, N.Y. 10282, or by telephone at (866) 471-2526, or by facsimile at (212) 902-9316 or by email at prospectus-ny@ny.email.gs.com; and
    Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, N.Y. 10014, or by email at prospectus@morganstanley.com.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
 

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