New Issue: Aramark prices upsized $400 million 5 1/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Dec. 3 – Aramark priced an upsized $400 million issue of eight-year senior notes (B2/BB-) at par to yield 5 1/8% on Thursday, according to a market source.

The deal size was increased from $300 million.

The yield printed at the tight end of yield talk in the 5¼% area and inside of the 5¼% to 5½% initial guidance, sources said.

J.P. Morgan Securities LLC and Goldman Sachs & Co. were the joint bookrunners.

The issuing entity is wholly owned subsidiary Aramark Services, Inc.

The Philadelphia-based customer service business across food, facilities and uniforms sectors plans to use the proceeds for general corporate purposes. Pending other uses of the proceeds Aramark may use them to temporarily pay down its revolving credit facility.

Issuer:	Aramark Services, Inc.
Amount:	$400 million, increased from $300 million
Maturity:	Jan. 15, 2024
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Goldman Sachs & Co.
Lead managers:	BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co., RBC Capital Markets, Wells Fargo Securities LLC
Co-managers:	PNC Capital Markets, Rabo Securities, SMBC Nikko, TD Securities, Comerica, Santander
Coupon:	5 1/8%
Price:	Par
Yield:	5 1/8%
Call:	Jan. 15, 2019 at 103.863
Trade date:	Dec. 3
Settlement date:	Dec. 17
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¼% area
Marketing:	Quick to market

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