Aramark wraps credit facility amendment, extending maturity to 2015

By Sara Rosenberg

New York, April 18 - Aramark Corp. completed the amendment to its U.S. revolving credit facility on Monday, extending the maturity by two years to Jan. 26, 2015 and increasing the size to $500 million from $435 million, according to an 8-K filed with the Securities and Exchange Commission

Pricing on the extended revolver is Libor plus 325 basis points with a 50 bps unused fee.

The extended revolver includes a springing maturity to Oct. 26, 2013 if non-extended term loans in excess of $250 million remain outstanding on that date. In addition, the revolver maturity would accelerate to Oct. 31, 2014 if any of the company's senior fixed-rate notes due 2015 or senior floating-rate notes due 2015 remain outstanding on that date.

JPMorgan Chase Bank is the administrative agent on the deal.

The company borrowed about $140 million under the U.S. revolver to fund a distribution to stockholders and to pay fees and expenses related to the extension.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

© 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.