Aramark gets C$120 million, €170 million incremental term loans

By Marisa Wong

Morgantown, W.Va., Sept. 27 – Aramark Services, Inc., an indirect wholly owned subsidiary of Aramark, and other subsidiaries entered into an amendment on Sept. 20 to the credit agreement dated March 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The amendment provides for incremental senior secured credit facilities, including a Canadian dollar-denominated term A loan due 2022 to Aramark Canada Ltd. in an amount equal to C$120 million and a euro-denominated term A loan due 2022 to Aramark Investments Ltd. in an amount equal to €170 million.

The term loan facilities were funded in full on the amendment date.

Aramark Services intends to use the borrowings under the incremental facilities to repay existing term B loans.

Euro term A loans bear interest at Libor plus 150 basis points, subject to a 0% Libor floor.

Canadian term A loans bear interest at the BA rate, subject to a 0% floor, plus 150 bps to 225 bps, depending on the consolidated leverage ratio. The applicable margin is initially 175 bps.

JPMorgan Chase Bank, NA is administrative agent and collateral agent.

Aramark provides food, hospitality and facility management services as well as uniform and work apparel. The company is based in Philadelphia.

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