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Aramark sets offer prices on U.S. term loans at wide end of talk
By Sara Rosenberg
New York, Feb. 18 - Aramark Corp. firmed the offer price on its $1.4 billion term loan E due September 2019 at 993/4, the high end of revised talk of 99¾ to par and wide of initial talk of just par, according to a market source.
Pricing on the term loan E is Libor plus 250 basis points with a 0.75% Libor floor, after flexing the other day from Libor plus 225 bps.
In addition, the original issue discount on the company's $2.15 billion seven-year term loan F finalized at 991/2, the high end of revised talk of 99½ to 99¾ and wide of initial talk of just 993/4, the source said.
Pricing on the term loan F is still Libor plus 250 bps with a 0.75% Libor floor.
Also, pricing on the company's £115 million seven-year term loan came at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, with the 0.75% Libor floor and discount of 99½ unchanged, the source continued.
And, the seven-year euro term loan was upsized to €140 million from €110 million and pricing firmed at Euribor plus 275 bps, the tight end of the Euribor plus 275 bps to 300 bps talk.
The euro term loan still has a 0.75% floor and a discount of 991/2.
The proposed C$95 million seven-year term loan that was talked at BA plus 275 bps to 300 bps with a 0.75% floor. A discount of 99¾ was eliminated from the capital structure.
Lastly, the 101 soft call protection on the term loans was extended to one year from six months, the source added.
J.P. Morgan Securities LLC, Barclays, Goldman Sachs Bank USA, Wells Fargo Securities LLC and RBC Capital Markets are the lead banks on the deal (B1/BBB-).
Proceeds will be used to refinance existing debt.
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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