Vestis Corp (VSTS): debt financing — Vestis refinances $800M term loan, extends maturity to 2031

Vestis Corp

Refinanced $800M 2-year Term Loan A-1 with $800M 7-year Term Loan B maturing 2031.
New loan priced at SOFR + 225 bps, stepping down to +200 bps at 3.30x net leverage.
Transaction is net leverage neutral and issued with 0.25% original issue discount.
Remaining $691M Term Loan A-2 and undrawn $300M revolver both mature in 2028.
Company targets optimal net leverage of 1.5x–2.5x by FY26.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.97

Vestis Corp incurred credit facility of $800 million with JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC at SOFR plus 2.25% (initial margin) or Base Rate plus 1.25% (initial margin), with maturing February 22, 2031.

Instrument: credit facility
Principal: $800 million
Counterparty: JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC
Rate: SOFR plus 2.25% (initial margin) or Base Rate plus 1.25% (initial margin), with
Maturity: February 22, 2031
Event: incurrence

Exact text from the filing

On February 22, 2024, the Company entered into an $800 million term loan B-1 maturing February 22, 2031 (the “ Term B-1 Loan ), in order to refinance its existing $800 million term loan A-1 facility, pursuant to Amendment No. 1 (the “ Amendment ”) to its existing Credit Agreement, dated as of September 29, 2023

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Vestis Corp filing history →

Source: SEC EDGAR

accession 0001140361-24-009073

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