American Home Shield 2015 Annual Report Download - page 53

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35
common stock. On November 5, 2015, the selling stockholders completed the offering of 28,961,763 shares of common stock at a
price of $33.91 per share.
We did not receive any of the proceeds from the aggregate 80,711,763 shares of common stock sold by the selling
stockholders in 2015.
Refinancing of Indebtedness
On February 17, 2015, we redeemed $190 million in aggregate principal amount of the 8% 2020 Notes at a redemption price
of 106.0% of the principal amount using available cash. In connection with the partial redemption, we recorded a loss on
extinguishment of debt of $13 million in the year ended December 31, 2015, which includes a pre-payment premium of $11 million
and the write-off of $2 million of debt issuance costs.
On April 1, 2015, we entered into the First Term Loan Amendment, which provides for the April Incremental Term Loans in
an aggregate principal amount of $175 million. On April 1, 2015, we used the net proceeds from the April Incremental Term Loans,
together with cash on hand, to redeem the remaining outstanding $200 million in aggregate principal amount of the 8% 2020 Notes at
a redemption price of 106.0% of the principal amount. In connection with the redemption, we recorded a loss on extinguishment of
debt of $14 million in the year ended December 31, 2015, which includes a pre-payment premium of $12 million and the write-off of
$2 million of debt issuance costs.
On August 17, 2015, we entered into the Second Term Loan Amendment, which provides for the August Incremental Term
Loans in an aggregate principal amount of $400 million. On August 17, 2015, we used the net proceeds from the August Incremental
Term Loans, together with cash on hand, to redeem the remaining outstanding $488 million in aggregate principal amount of the 7%
2020 Notes at a redemption price of 105.25% of the principal amount. In connection with the redemption, we recorded a loss on
extinguishment of debt of $31 million in the year ended December 31, 2015, which includes a pre-payment premium of $25 million
and the write-off of $6 million of debt issuance costs.
2015 Annual Report 51