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frontdoor, inc.'s Secondary Offering of Common Stock

Cravath represented the underwriters, led by J.P. Morgan Securities, Goldman Sachs & Co. LLC, Credit Suisse and Wells Fargo Securities, in connection with the $502 million secondary offering of common stock of frontdoor, inc., the largest provider of home service plans in the United States. In connection with this offering, ServiceMaster completed a debt‑for‑equity exchange in which ServiceMaster exchanged all of the shares to be sold in the offering for indebtedness of ServiceMaster held by Chase Lincoln First Commercial Corporation, the selling stockholder. The shares were listed on the NASDAQ Global Select Market. The transaction closed on March 27, 2019.

The Cravath team included partners Andrew J. Pitts and William V. Fogg and associates Karice D. Rhule, Nicolas R. Yamagata and Charles A. Dobb. Christopher M. Tierney also worked on this matter.