When was the Securitization Transaction, which includes Precision Door Service, completed?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
tiples and comparable public company as well as discounted cash flow analysis of future projections in the period issued. The future projections and estimates used to fair value the assets acquired in acquisitions, as well as those used in our longlived asset and goodwill impairment testing, are considered Level 3 inputs.
3. Debt Agreements
Through its wholly owned subsidiary, Neighborly Issuer LLC (the "Issuer"), the Company entered into the Securitization Transaction which was completed on March 25, 2021. In conjunction with the Securitization Transaction, the Issuer issued $800,000 Series 2021-1 3.584% Fixed Rate Senior Secured Notes (the "Series 2021-1 Senior Notes"). The Series 2021-1 Senior Notes have an anticipated repayment date of April 30, 2028, and a final maturity date of April 30, 2051. Scheduled principal payments of $2,000 and interest are paid quarterly. As of December 31, 2024 and 2023, the Series 2021-1 Senior Notes had $772,000 and $780,000 outstanding, respectively.
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
According to Precision Door Service's 2025 Franchise Disclosure Document, the Securitization Transaction was completed on March 25, 2021. This transaction involved Neighborly Issuer LLC issuing $800 million in Series 2021-1 3.584% Fixed Rate Senior Secured Notes.
This initial securitization transaction is significant for prospective franchisees because it established the financial structure under which Precision Door Service operates. The notes issued have an anticipated repayment date of April 30, 2028, and a final maturity date of April 30, 2051, with scheduled principal and interest payments made quarterly. As of December 31, 2023, $780 million was outstanding on these notes.
Furthermore, the Securitization Transaction included a $10 million variable rate Delayed Draw Class A-1-LR Senior Note, though no borrowings had been made on this note as of December 31, 2023. The assets of several entities, including NBLY Co Ops IN SPV LLC, NBLY Logistics SPV LLC, Lawn Pride SPV LLC, and Junk King SPV LLC, were contributed to the company in January 2023, indicating ongoing financial activities related to the securitization.
In addition to the initial transaction, the FDD mentions subsequent securitization transactions, including one on January 19, 2022, where the Issuer issued $410 million in Series 2022-1 3.695% Fixed Rate Senior Secured Notes. These transactions are secured by the assets of Neighborly Issuer LLC and other Securitization Entities, highlighting the interconnected financial structure of Precision Door Service and its related entities.