Published on 12/3/2015 in the Prospect News High Yield Daily.
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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.