Aramark lifts term loan to $1.1 billion, flexes to SOFR plus 250 bps

By Sara Rosenberg

New York, June 13 – Aramark upsized its seven-year term loan B to $1.1 billion from $750 million and reduced pricing to SOFR plus 250 basis points from talk in the range of SOFR plus 275 bps to 300 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99 from 98.5, the source said.

The term loan still has a 0% floor, CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Tuesday, the source added.

Proceeds will be used to repay in full the company’s $1.097 billion term loan B-3 due 2025, as opposed to repaying a portion of the loan.

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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