Aramark launches $1.78 billion term loan at Libor plus 175 bps

By Sara Rosenberg

New York, May 24 – Aramark Services Inc. launched on Thursday a $1,781,000,000 covenant-light first-lien term loan due March 2025 that is talked at Libor plus 175 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Proceeds will be used to reprice an existing term loan due March 2025 down from Libor plus 200 bps with a leverage-based step-down to Libor plus 175 bps and a 0% Libor floor.

Commitments are due at noon ET on May 31, the source added.

Expected term loan ratings are Ba1/BBB-.

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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