Aramark Subsidiary's Proposed $1.15 Billion Term Loan B Rated 'BBB-' (Recovery '1') - S&P Global Ratings’ Credit Research

Aramark Subsidiary's Proposed $1.15 Billion Term Loan B Rated 'BBB-' (Recovery '1')

Aramark Subsidiary's Proposed $1.15 Billion Term Loan B Rated 'BBB-' (Recovery '1') - S&P Global Ratings’ Credit Research
Aramark Subsidiary's Proposed $1.15 Billion Term Loan B Rated 'BBB-' (Recovery '1')
Published Nov 30, 2017
5 pages (1813 words) — Published Nov 30, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Nov. 30, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Aramark Services Inc.?s proposed $1.15 billion senior secured term loan B due 2025. The recovery rating is '1', reflecting our expectation for very high (90%-100%; rounded estimate 95%) recovery in the event of a payment default. We also affirmed our 'BBB-' ratings on the company's existing senior secured debt and lowered our ratings on the existing senior unsecured debt to 'BB' from 'BB+'. The unsecured recovery rating is now '5', reflecting our expectation for modest (10%-30%; rounded estimate 20%) recovery in the event of a payment default. We have removed all of our ratings on the existing secured and unsecured debt from CreditWatch,

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Nov. 30, 2017--S&P Global Ratings today assigned its '###-' issue-level rating to Aramark Services Inc.'s proposed $1.15 billion senior secured term loan B due 2025. The recovery rating is '1', reflecting our expectation for very high (90%-100%; rounded estimate 95%) recovery in the event of a payment default. We also affirmed our '###-' ratings on the company's existing senior secured debt and lowered our ratings on the existing senior unsecured debt to '##' from '##+'. The unsecured recovery rating is now '5', reflecting our expectation for modest (10%-30%; rounded estimate 20%) recovery in the event of a payment default. We have removed all of our ratings on the existing secured and unsecured debt from CreditWatch, where they were placed with negative implications on Oct. 17, 2017. The net proceeds from the proposed term loan B will fund the Avendra acquisition. Furthermore, our ratings assume the proposed contracted acquisitions of Avendra and AmeriPride,...

  
Report Type:

Ratings Action

Issuer
Aramark
GICS
Restaurants (25301040)
Sector
Global Issuers, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Aramark Subsidiary's Proposed $1.15 Billion Term Loan B Rated 'BBB-' (Recovery '1')" Nov 30, 2017. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Aramark-Subsidiary-s-Proposed-1-15-Billion-Term-Loan-B-Rated-BBB-Recovery-1-1959863>
  
APA:
S&P Global Ratings’ Credit Research. (). Aramark Subsidiary's Proposed $1.15 Billion Term Loan B Rated 'BBB-' (Recovery '1') Nov 30, 2017. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Aramark-Subsidiary-s-Proposed-1-15-Billion-Term-Loan-B-Rated-BBB-Recovery-1-1959863>
  
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