G&K Services completes $250 million unsecured credit facility

By Sara Rosenberg

New York, March 8 - G&K Services Inc. closed on a new $250 million five-year unsecured revolving credit facility, according to a news release.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Bank of America Merrill Lynch led the deal.

Pricing can range from Libor plus 100 basis points to 200 bps based on leverage.

There is a $150 million accordion feature.

Proceeds were used to replace an existing revolver that was set to mature on July 1.

As of closing, the company's borrowing rate was reduced by 100 bps compared to the rate under the previous facility.

G&K Services is a Minneapolis-based provider of branded uniform and facility services programs.

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