By Paul A. Harris
Portland, Ore., March 22 – Aramark priced a €325 million issue of eight-year senior notes (Ba3/BB+) at par to yield 3 1/8% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 3¼% area.
Joint bookrunner Goldman Sachs & Co. will bill and deliver. Credit Suisse Securities (USA) LLC, Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were also joint bookrunners.
The Philadelphia-based professional services company plans to use the proceeds to refinance term loans under its senior secured credit facilities.
The issuing entity will be wholly owned subsidiary Aramark International Finance Sarl.
Aramark provides food, hospitality and facility management services as well as uniform and work apparel.
| Issuer: | Aramark International Finance Sarl
|
| Amount: | €325 million
|
| Maturity: | April 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co. (bill and deliver), Credit Suisse Securities (USA) LLC, Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Coupon: | 3 1/8%
|
| Price: | Par
|
| Yield: | 3 1/8%
|
| Spread: | 304 bps
|
| First call: | April 1, 2020 at 102.344
|
| Trade date: | March 22
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¼% area
|
| Marketing: | Roadshow
|
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