...January 31, 2024 - 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 '##' issuer credit rating to Vestis. At the same time, we assigned our '##+' 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. NEW YORK (S&P Global Ratings) Jan. 31, 2024--S&P Global Ratings today took the rating actions listed above. Our rating reflects Vestis' favorable position in uniform rentals and workplace supplies, with significant white space...
