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Moody's lowers Aramark
Moody's Investors Service said it downgraded Aramark Corp.'s senior secured debt ratings to B1 from Ba3.
Aramark has increased the amount of new senior secured term loans by $400 million to $1.4 billion, Moody's said.
The ratings downgraded include its senior secured term loan due 2019 to B1 (LGD 3, 44%) from Ba3 (LGD 3, 42%), senior secured term loan facility due 2016 to B1 (LGD 3, 44%) from Ba3 (LGD 3, 42%), senior secured revolving credit facility due 2017 to B1 (LGD 3, 44%) from Ba3 (LGD 3, 42%) and synthetic letter of credit facilities due 2014 and 2016 to B1 (LGD 3, 44%) from Ba3 (LGD 3, 42%).
The company's senior unsecured floating-rate notes due 2015 remain at B3 with its LGD 5, 88% revised from LGD 5, 87%.
The outlook is stable.
The proceeds will be used to repay in full Aramark's $1.28 billion of 8½% senior unsecured notes due 2015, pay transaction fees and expenses and increase balance sheet cash.
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