April 25, 2018 1:11 AM ET

Commercial Services and Supplies

Company Overview of Aramark Services, Inc.

Company Overview

Aramark Services, Inc. provides food, facilities, and uniform services to education, healthcare, business and industry, sports, leisure, and corrections clients in the United States and internationally. It offers food and support services comprising business dining services, such as on-site restaurants, catering, convenience stores, and executive dining rooms; coffee and vending services; and facility management services, including housekeeping, plant operations and maintenance, energy management, laundry and linen, grounds keeping, landscaping, capital program management and commissioning services, and other facility consulting services related to building operations. The company also provi...

ARAMARK Tower

1101 Market Street

Philadelphia, PA 19107

United States

Founded in 1959

162,200 Employees

Phone:

800-999-8989

Key Executives for Aramark Services, Inc.

Chief Executive Officer, President and Director
Age: 59
Chief Financial Officer, Executive Vice President and Director
Age: 65
Chief Accounting Officer, Senior Vice President and Controller
Age: 53
Compensation as of Fiscal Year 2017.

Aramark Services, Inc. Key Developments

Aramark Services, Inc. Intends to Privately Offer $1,150.0 Million Aggregate Principal Amount of Senior Unsecured Notes

Aramark announced that its indirect wholly owned subsidiary, Aramark Services, Inc., intends to privately offer $1,150.0 million aggregate principal amount of senior unsecured notes due 2028. The Issuer intends to use the net proceeds from the offering of the Notes, together with cash on hand, to pay the purchase price for the acquisition of AmeriPride Services Inc., repay borrowings under its revolving credit facility and to pay related fees and expenses.

Aramark Services, Inc., Aramark Intermediate HoldCo Corporation and its Subsidiaries Enter into Amendment to its Credit Agreement

On December 11, 2017, Aramark Services, Inc., Aramark Intermediate HoldCo Corporation and certain wholly-owned subsidiaries of the company entered into Incremental Amendment No. 2 with the financial institutions party thereto and JPMorgan Chase Bank, N.A. as administrative agent for the lenders and collateral agent for the secured parties thereunder to the credit agreement, dated March 28, 2017, among the company, Holdings, ARAMARK Canada Ltd., ARAMARK Investments Limited, ARAMARK Ireland Holdings Limited, ARAMARK Regional Treasury Europe, Designated Activity Company, ARAMARK Holdings GmbH & Co. KG, Aramark International Finance S.à r.l. and certain wholly-owned domestic subsidiaries of the company, the financial institutions from time to time party thereto (including the financial institutions party to the Incremental Amendment, the “Lenders”), the issuing banks named therein and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders and collateral agent for the secured parties thereunder. The Incremental Amendment provides for an incremental senior secured credit facility under the Credit Agreement comprised of a U.S. dollar denominated “term B-1” loan in an amount equal to $1.785 billion, due in March 2025. The Incremental Senior Secured Credit Facility was funded in full on the Amendment Closing Date. The company used the proceeds from the borrowing under the Incremental Senior Secured Credit Facility to finance the Avendra Merger and, together with the proceeds of a borrowing made under the Credit Agreement’s revolving credit facility on the Closing Date, to repay the remaining U.S. dollar denominated term A loans remaining outstanding under the Credit Agreement and to pay related fees and expenses. The new term B-1 loans bear interest at a rate equal to, at the company’s option, either a LIBOR rate determined by reference to the costs of funds for deposits in U.S. dollars for the interest period relevant to such borrowing adjusted for certain additional costs or a base rate determined by reference to the high of the prime rate of the administrative agent, the federal funds rate plus 0.50% and the LIBOR rate plus 1.00% plus an applicable margin set initially at 2.00% for borrowings based on the LIBOR rate and 1.00% for borrowings based on the base rate, in each case, subject to a reduction of 0.25% upon compliance by the company with a consolidated leverage ratio of 3.00 to 1.00. The new term B-1 loans require the payment of installments in quarterly principal amounts of 1.00% per annum of the funded total principal amount there under and are subject to substantially similar terms relating to guarantees, collateral, mandatory prepayments and covenants that are applicable to the company’s existing U.S. Term B Loans outstanding under the Credit Agreement.

Aramark Services, Inc., Aramark Intermediate HoldCo Corporation, Aramark Canada Ltd. and Aramark Investments Limited Enter into Amendment Credit Agreement

On September 20, 2017 (the “amendment closing date”), Aramark Services, Inc. (the “company”), an indirect wholly owned subsidiary of Aramark (“Parent”), Aramark Intermediate HoldCo Corporation, Aramark Canada Ltd. (“Aramark Canada”), Aramark Investments Limited (“Aramark UK”), and certain wholly-owned subsidiaries of the company entered into an amendment (the “incremental amendment”) with the financial institutions party thereto and JPMorgan Chase Bank, N.A. as administrative agent for the lenders and collateral agent for the secured parties thereunder to the credit agreement, dated March 28, 2017 (the “credit agreement”), among the company, Aramark Intermediate HoldCo Corporation, Aramark Canada, Aramark UK, Aramark Ireland Holdings Limited, Aramark Regional Treasury Europe, Designated Activity Company, Aramark Holdings GmbH & Co. KG, Aramark International Finance S.à r.l. and certain wholly-owned domestic subsidiaries of the company, the financial institutions from time to time party thereto (including the financial institutions party to the Incremental Amendment, the “lenders”), the issuing banks named therein and JPMorgan Chase Bank, N.A., as administrative agent for the lenders and collateral agent for the secured parties thereunder. The incremental amendment provides for incremental senior secured credit facilities under the credit agreement (the “incremental senior secured credit facilities”) comprised of a Canadian dollar denominated term A loan to Aramark Canada in an amount equal to CAD 120.0 million (due in 2022) and a Euro denominated term A loan to Aramark UK in an amount equal to €170.0 million (due in 2022). The term loan facilities were funded in full on the amendment closing date. The company intends to use the borrowings under the incremental senior secured credit facilities to repay existing term B loans outstanding under the credit agreement and to pay certain related fees and expenses. Borrowings under the incremental senior secured credit facilities bear interest at a rate equal to an applicable margin plus, (a) with respect to borrowings denominated in Euro, a LIBOR rate determined by reference to the costs of funds for deposits in the currency of such borrowing for the interest period relevant to such borrowing, subject to a floor of 0%, adjusted for certain additional costs, (b) with respect to borrowings denominated in Canadian dollars, at Aramark Canada’s option, (1) a base rate determined by reference, subject to a floor of 0%, to the higher of (x) the prime rate announced by the administrative agent or (y) the one-month bankers’ acceptance rate plus 1.00% or (2) a bankers’ acceptance rate determined by reference to the rate offered for bankers’ acceptances in Canadian dollars for the interest period relevant to such borrowing, subject to a floor of 0%.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 16, 2017
Avendra, LLC
\
 

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