Cintas extends revolver, increases to $450 million, modifies pricing

By Wendy Van Sickle

Columbus, Ohio, June 28 – Cintas Corp. subsidiary Cintas Corp. No. 2 entered into an amendment to its credit agreement with KeyBank NA as administrative agent, extending its maturity date, increasing the revolving commitment and adjusting pricing, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the syndication agent, and Bank of Tokyo-Mitsubishi UFJ, Ltd. and U.S. Bank NA are the co-documentation agents.

The June 23 amendment extends the maturity date to June 22, 2021 from May 28, 2019 and increases the revolving commitment to $450 million from $300 million. Cintas may request to increase the commitment by up to an additional $150 million.

The amendment also adjusts the applicable margin over Libor used to calculate the interest rate payable on any outstanding loans to 70 basis points to 132.5 bps, depending on ratings, and sets the facility fee range at 5 bps to 17.5 bps, also based on ratings.

Cintas is a Cincinnati-based provider of uniforms and other workplace products.

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