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Aramark closes $900M debt offering

Aramark on Jan. 16 announced completion of a $900 million debt refinancing which the company said was "heavily oversubscribed."

Through the transaction, the Philadelphia-based food and facilities services company said it has raised secured term loans to redeem its 2024 senior notes.

The company executed $800 million of interest rate swaps at favorable fixed interest rates. Aramark said the transaction is net leverage neutral and will extend the debt maturity for three more years to January 2027.

"We will continue to be opportunistic about enhancing our capital structure and maximizing financial flexibility. Our refinancing will reduce interest expense and extend maturities. The heavily oversubscribed offering resulted in favorable pricing and reinforces the strong future prospects for the company," said James Tarangelo, Aramark's treasurer.