Georgia-based provider of uniform rentals and workplace supplies Vestis Corp. plans to issue a seven-year, $800 million term loan. The company will use the proceeds to refinance its two-year term loan, establishing a more permanent capital structure following its September 2023 spin-off from Aramark Corp. S&P Global Ratings assigned its 'BB' issuer credit rating to Vestis. At the same time, we assigned our 'BB+' issue-level and '2' recovery ratings to the company's senior secured credit facilities. The stable outlook reflects our expectation that temporarily elevated leverage will improve to the low- to mid-3x area in fiscal 2025 while the company consistently improves profitability through business optimization and cross-selling initiatives. Route density and scale are essential to providing a compelling value
