[Form 4] ARAMARK Insider Trading Activity

Rhea-AI Filing Summary

Prospect Capital Corporation (PSEC) has filed a preliminary pricing supplement for three new unsecured senior notes under its InterNotes® program:

• 7.500% Notes due 2028 – CUSIP 74348GWC0
• 7.750% Notes due 2030 – CUSIP 74348GWD8
• 8.000% Notes due 2032 – CUSIP 74348GWE6

All issues are offered in $1,000 denominations, pay semi-annual interest beginning 15 Jan 2026 and are callable at par on or after 15 Jan 2026. A Survivor’s Option allows early repayment upon the holder’s death, subject to annual caps.

Pricing details (pre-fee): 2028 Notes sold at 101.125%, 2030 at 101.700% and 2032 at 101.950%, implying modest premiums to face value. Gross concessions range from 1.125% to 1.950%.

Strategic context

• Liability management: In Apr-Jun 2025 PSEC fully retired its $342.9 m 3.706% Notes due 2026 via tender (99% plus accrued) and subsequent redemption, eliminating a nearer-term maturity.
• Portfolio re-positioning: Sold subordinated structured notes with $324.6 m cost basis for $74.6 m cash; provided $39.6 m of new first-lien financing to National Property REIT Corp., received $19 m of repayments, and closed the acquisition of QC Holdings with a $55 m senior loan plus $22.3 m equity.

Capital structure impact

• New notes will rank pari passu with existing unsecured debt and be structurally subordinated to $0.7 bn of secured borrowings (Feb 2023) under the credit facility.
• Coupons of 7.5-8.0% exceed the retired 3.706% issue, indicating materially higher future interest expense but extend the weighted-average maturity to 2028-2032.

Key dates: Trade 14 Jul 2025, settle 17 Jul 2025; interest accrues from settlement.

Risks highlighted include rising leverage, higher funding costs, covenant limitations under the revolver, potential rating pressure, and market volatility in SOFR-linked issuances. No earnings metrics were provided in this filing.

Positive

• Elimination of $342.9 m 3.706% 2026 Notes removes a near-term maturity and simplifies the debt ladder.
• Maturity extension to 2028-2032 enhances liquidity planning and reduces refinancing risk for the next three years.
• Callable at par from Jan 2026, giving PSEC flexibility to refinance should borrowing costs fall.
• Survivor’s Option may broaden retail demand and improve placement breadth.

Negative

• Coupons of 7.5-8.0% are materially higher than retired 3.706% debt, increasing annual interest expense.
• Large realised loss on sale of subordinated structured notes ($74.6 m proceeds vs $324.6 m cost) signals asset quality concerns.
• Incremental leverage from new issuance could pressure coverage ratios and credit ratings.
• Light covenant package offers limited protection to noteholders and allows further senior secured borrowing.

Insights

Fixed-Income Strategist

TL;DR – High-coupon notes refinance 2026 debt but lock in much costlier funding; credit-neutral to mildly negative.

The transaction removes a $342.9 m maturity and pushes the ladder out to 2028-2032, improving the liquidity profile. However, coupons jump by roughly 400 bps versus the retired 3.706% notes, adding ~$20-25 m in annual pre-tax interest expense if the full $1 bn shelf is tapped. While callability from 2026 offers optional repricing, investors face reinvestment risk if rates decline. From a covenant standpoint the notes are light, leaving leverage management entirely with management. Recent forced sales of structured notes at ~23¢ on the dollar raise questions on asset-quality discipline. Overall impact: modestly negative on earnings, modestly positive on near-term liquidity; credit outlook stable.

Portfolio Manager – BDC Specialist

TL;DR – Debt swap extends duration but magnifies leverage amid asset dispositions at deep discounts.

PSEC eliminated its 2026 issue yet simultaneously issues higher-cost paper, signalling constrained access to low-rate funding. The steep loss on subordinated structured notes (realised loss >$250 m) underscores portfolio risk and may pressure NAV. New investments in NPRC and QC Holdings maintain asset yield but increase single-name exposure. With secured debt still at $0.7 bn, total leverage could breach 1.0× if proceeds are fully deployed. Equity investors should brace for lower net investment income until yields on new originations offset the incremental coupon. I assign a slight negative bias given higher cost of capital and realised losses.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DREILING RICHARD W

(Last) (First) (Middle)

C/O ARAMARK

2400 MARKET STREET

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aramark [ ARMK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/03/2025		A		642(1)	A	$42.79	6,248.647	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a grant of fully vested deferred stock units into which the director has elected to defer all of his cash retainer, which will be settled in shares of common stock on the first day of the seventh month after the date of the director's departure from the board.

Remarks:

	/s/ Harold B. Dichter, as Attorney-in-fact	07/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the size and purpose of Prospect Capital’s new note offering (PSEC)?

PSEC is offering three unsecured InterNotes® issues (2028, 2030, 2032) to raise up to $1 billion for general corporate purposes, portfolio investments and refinancing.

What are the coupon rates and maturities of the PSEC notes?

The notes carry fixed coupons of 7.500% (2028), 7.750% (2030), and 8.000% (2032), paid semi-annually.

When can Prospect Capital call the new notes?

All three tranches are callable at 100% of par on 15 Jan 2026 and on any business day thereafter.

How do the new notes rank within PSEC’s capital structure?

They are unsecured senior obligations, pari passu with other unsecured debt and subordinated to secured borrowings under the revolver.

What recent liability management actions has PSEC completed?

In April-June 2025 PSEC fully retired its $342.9 m 3.706% Notes due 2026 via tender and redemption.

What is the Survivor’s Option mentioned in the filing?

Heirs of a deceased beneficial owner may request early repayment at par, subject to annual issuer caps of $2 m or 2% of notes outstanding.