Aramark launches $1 billion secured term loan at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 13 - Aramark Corp. held a lender call at 2 p.m. ET on Wednesday to launch a $1 billion senior secured term loan due August 2019, according to a market source.

Price talk on the term loan is Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 991/2, the source said.

The term loan has 101 soft call protection for six months.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Barclays, BofA Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to repurchase a portion of OpCo's 8½% senior notes due 2015.

In addition, the company is looking to amend its $550 million revolver to extend the maturity, modify the maximum senior secured leverage ratio and provide additional flexibility with respect to restricted payments.

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

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