Item 1.01. Entry into a Material Definitive Agreement.
On February 24, 2014, ARAMARK Corporation (the "Company"), a wholly-owned
subsidiary of ARAMARK Holdings Corporation ("Aramark") entered into an Amendment
Agreement (the "Amendment Agreement") to the Amended and Restated Credit
Agreement dated as of March 26, 2010 (as amended, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among the Company, ARAMARK
Canada Ltd., ARAMARK Investments Limited, ARAMARK Ireland Holdings Limited,
ARAMARK Holdings GmbH & Co KG, ARAMARK GmbH, ARAMARK Intermediate Holdco
Corporation, each subsidiary of the Company that, from time to time, becomes a
party thereto, the financial institutions from time to time party thereto (the
"Lenders"), JPMorgan Chase Bank, N.A., as LC Facility Issuing Bank thereunder,
the Issuing Banks named therein, JPMorgan Chase Bank, N.A., as administrative
agent and collateral agent for the Lenders thereunder and the other parties
thereto from time to time. The Amendment Agreement amends and restates the
Credit Agreement effective as of February 24, 2014.
Among other things, the Amendment Agreement provides for approximately $3,982
million in the aggregate of new term loans, $2,582 million of which have a
maturity date of February 24, 2021 and $1,400 million of which have a maturity
date of September 7, 2019. The term loans due on February 24, 2021 include
€140 million of term loans denominated in euros, £115 million of term loans
denominated in sterling and ¥5,042 million of term loans denominated in yen. The
new term loans were borrowed on February 24, 2014 and the proceeds were used to
repay the Company's existing term loans due 2016 and 2019 (with the exception of
approximately $75 million in term loans due 2016 borrowed by the Company's
Canadian subsidiary, which remain outstanding). All U.S. dollar denominated new
term loans have an applicable margin of 2.50% for eurocurrency (LIBOR)
borrowings, subject to a LIBOR floor of 0.75%, and an applicable margin of 1.50%
for base-rate borrowings, subject to a minimum base rate of 1.75%. The new yen
denominated and Euro denominated term loans have an applicable margin of 2.75%
and the new sterling denominated terms loans have an applicable margin of 3.25%.
The Amendment Agreement also provides for the extension, from January 26, 2017
to February 24, 2019, of the maturity of $565 million in revolving lender
commitments of the existing $605 million revolving credit facility under the
Credit Agreement. The Amendment Agreement also increases the revolving lender
commitments by $165 million, for a total extended revolving credit facility of
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference
into this Item 2.03.