Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Aramark Corp. > News item |
Fitch to lower Aramark
Fitch Ratings said it expects to downgrade the issuer default rating for both Aramark Corp. and its wholly owned subsidiary, Aramark Services, Inc., to B from BB- and rate the proposed financings of Aramark Corp. as follows:
$600 million revolving senior secured credit facility due 2013 BB-/RR2, $3.66 billion senior secured term loans due 2014 BB-/RR2, $250 million senior secured synthetic letter of credit facility due 2013 BB-/RR2, $1.7 billion senior unsecured notes due 2015 B-/RR5 and $570 million senior subordinated notes due 2017 CCC+/RR6.
In addition, the rating for the $250 million senior unsecured notes due 2012 is expected to be downgraded to CCC+/RR6 from BB-, Fitch said.
The agency added that the assignment of these ratings is pending review of the final transaction documentation, noting that the ratings reflect Aramark's substantially higher leverage ratio and debt service requirements following the completion of its leveraged buyout and Fitch's expectations for significantly reduced free cash flow.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.