By Paul A. Harris
Portland, Ore., Feb. 22 - Aramark Corp. priced a $1 billion issue of seven-year senior notes (B3/B-/) at par to yield 5¾% on Friday afternoon, according to an informed source.
The yield printed at the tight end of price talk that had been set in the 5 7/8% area.
Initial guidance came out Friday morning in the high 5% range to perhaps as high as 6%, according to a trader.
Goldman Sachs & Co. was the left lead bookrunner for the quick-to-market deal.
J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to repay some outstanding debt of the company and/or its indirect parent, Aramark Holdings Corp.
Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.
| Issuer: | Aramark Corp.
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2020
|
| Securities: | Senior notes
|
| Left lead bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Call features: | Callable on March 15, 2015 at 104.313, 102.875, 101.438, par on and after March 15, 2018
|
| Trade date: | Feb. 22
|
| Settlement date: | March 7
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 5 7/8% area
|
| Marketing: | Quick to market
|
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