Aramark (ARMK) files Amendment No.18 to add Term B-9 tranche; no quarterly principal

Rhea-AI Filing Summary

Aramark disclosed Amendment No. 18 to its Credit Agreement dated March 28, 2017, effected August 15, 2025, which adds U.S. Term B-9 Loans. The U.S. Term B-9 Loans bear interest either at (a) a Eurodollar-type rate plus an initial margin of 1.75% or (b) a base rate tied to the highest of the administrative agent's prime rate, the federal funds rate plus 0.50%, and Term SOFR for a one-month interest period plus 1.00%, plus an initial margin of 0.75%. The U.S. Term B-9 Loans do not require quarterly principal repayments and are subject to substantially similar guarantees, collateral, mandatory prepayments and covenants as the previously outstanding U.S. Term B-7 Loans and the company's other U.S. Term B Loans under the Credit Agreement.

Positive

• New term tranche introduced under the existing Credit Agreement provides explicit borrowing mechanics for U.S. Term B-9 Loans
• Interest-rate flexibility with two rate options (Eurodollar-type + 1.75% margin or base-rate option + 0.75% margin)
• No quarterly principal repayments required for the U.S. Term B-9 Loans, which preserves near-term cash flow flexibility
• Consistent security and covenant framework—B-9 Loans are subject to substantially similar guarantees, collateral, mandatory prepayments and covenants as prior B loans

Negative

• Document does not disclose principal amount or maturity for the U.S. Term B-9 Loans, limiting assessment of debt load and refinancing risk
• No covenant thresholds or financial metric impacts provided, so investor assessment of leverage or compliance effects is not possible from this text alone

Insights

Corporate Treasurer / Credit Analyst

TL;DR: Amendment adds new U.S. Term B-9 facility with floating-rate options, unchanged structural protections, and no quarterly principal amortization.

The amendment formalizes additional term debt under the existing credit framework, preserving the same guarantee, collateral and covenant architecture that applied to the prior U.S. Term B-7 Loans. Borrowing costs are variable with two rate alternatives: a Eurodollar-type rate plus an initial margin of 1.75% or a base-rate option tied to prime/federal-funds/SOFR plus an initial margin of 0.75%. The absence of required quarterly principal repayments for the B-9 tranche affects cash flow scheduling but the filing does not disclose the aggregate principal amount, maturity, or covenant thresholds, so full credit impact cannot be assessed from this text alone.

Securities / Corporate Governance Analyst

TL;DR: Amendment reflects routine credit agreement modification adding a new term tranche while maintaining existing security and covenant terms.

The document indicates the company and certain subsidiaries, alongside JPMorgan Chase Bank, N.A. as administrative and collateral agent, executed Amendment No. 18 to the existing credit agreement. Key commercial mechanics—interest rate alternatives with specified initial margins and parity of guarantees, collateral and covenants with prior term loans—are explicitly stated. The filing omits material quantitative details such as borrowed amount, maturity date, and covenant metrics; therefore, governance and investor implications are limited to the structural changes disclosed.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 15, 2025

Aramark

(Exact name of Registrant Specified in Charter)

Delaware		001-36223		20-8236097
(State or other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2400 Market Street Philadelphia, Pennsylvania		19103
(Address of Principal Executive Offices)		(Zip Code)

(Registrant’s Telephone Number, Including Area Code): (215) 238-3000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on which Registered
Common Stock, par value $0.01 per share		ARMK		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Amendment No. 18 to the Credit Agreement

On August 15, 2025 (the “Closing Date”), Aramark Services, Inc. (the “Company”), an indirect wholly owned subsidiary of Aramark (“Aramark” or “Parent”), Aramark Intermediate HoldCo Corporation (“Holdings”) and certain wholly-owned domestic subsidiaries of the Company entered into Amendment No. 18 (the “Amendment”) with the financial institutions party thereto and JPMorgan Chase Bank, N.A. as administrative agent for the Lenders (as defined below) and collateral agent for the secured parties thereunder to the Credit Agreement (as amended by the Amendment, the “Credit Agreement”), dated March 28, 2017, among the Company, Holdings, certain other borrowers party thereto and certain wholly-owned domestic subsidiaries of the Company, the financial institutions from time to time party thereto (including the financial institutions party to the Amendment, the “Lenders”), the issuing banks named therein and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders and collateral agent for the secured parties thereunder.

The Amendment provides for, among other things, the repricing of all of the U.S. Term B-7 Loans (as defined in the Credit Agreement) previously outstanding under the Credit Agreement by refinancing all of the U.S. Term B-7 Loans previously outstanding under the Credit Agreement with new U.S. Term B-9 Loans in an amount equal to $730,458,023.44 due in April 2028. The new U.S. Term B-9 Loans were funded in full on the Closing Date and were applied by the Company to refinance the entire principal amount of the U.S. Term B-7 Loans previously outstanding under the Credit Agreement.

The new U.S. Term B-9 Loans bear interest at a rate equal to, at the Company’s election, either (a) a forward-looking term rate based on SOFR for the applicable interest period (“Term SOFR”) plus an applicable margin initially set at 1.75% or (b) a base rate determined by reference to the highest of (1) the prime rate of the administrative agent, (2) the federal funds rate plus 0.50% and (3) Term SOFR for a one-month interest period plus 1.00% plus an applicable margin initially set at 0.75%. The U.S. Term B-9 Loans do not require any quarterly repayments of the principal amount. The U.S. Term B-9 Loans are subject to substantially similar terms currently relating to guarantees, collateral, mandatory prepayments and covenants that were applicable to the U.S. Term B-7 Loans previously outstanding under the Credit Agreement and are currently applicable to the Company’s other U.S. Term B Loans currently outstanding under the Credit Agreement.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.		Description
10.1		Amendment No. 18 (the “Amendment”), dated as of August 15, 2025, among Aramark Services, Inc. (the “Company”), Aramark Intermediate HoldCo Corporation (“Holdings”), certain wholly-owned subsidiaries of the Company, the financial institutions party thereto and JPMorgan Chase Bank, N.A. as administrative agent for the Lenders (as defined below) and collateral agent for the secured parties thereunder to the Credit Agreement, dated March 28, 2017, among the Company, Holdings, certain other borrowers party thereto, the financial institutions from time to time party thereto (including the financial institutions party to the Amendment, the “Lenders”), the issuing banks named therein and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders and collateral agent for the secured parties thereunder.
104		Cover Page Interactive Date File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Aramark
Date: August 18, 2025				By:		/s/ Christopher T. Schilling
				Name:		Christopher T. Schilling
				Title:		Senior Vice President, Controller and Chief Accounting Officer

FAQ

What did Aramark report in this 8-K (ARMK)?

The company filed Amendment No. 18 to its Credit Agreement to add U.S. Term B-9 Loans, effective August 15, 2025, with specified interest mechanics.

What interest rates apply to the U.S. Term B-9 Loans?

Interest is either (a) a Eurodollar-type rate plus an initial margin of 1.75% or (b) a base rate (highest of prime, federal funds + 0.50%, or one-month Term SOFR + 1.00%) plus an initial margin of 0.75%.

Are principal repayments required for the B-9 tranche?

The filing states the U.S. Term B-9 Loans do not require any quarterly repayments of principal.

Do the B-9 Loans change collateral or covenant structures?

No; the B-9 Loans are subject to substantially similar guarantees, collateral, mandatory prepayments and covenants as the previously outstanding U.S. Term B-7 Loans and other U.S. Term B Loans.

Who is the administrative agent for the Credit Agreement?

JPMorgan Chase Bank, N.A. serves as administrative agent for the lenders and collateral agent for the secured parties under the Credit Agreement.