UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(Exact name of Registrant as Specified in its Charter)
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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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Securities registered pursuant to Section 12(b) of the Act:
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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 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
As previously disclosed, Aramark Services Inc. (“ASI”), an indirect wholly owned subsidiary of Aramark, and certain of its subsidiaries, are party to a credit agreement, dated March 28, 2017 (as supplemented or otherwise modified from time to time, the “Credit Agreement”), with a syndicate of financial institutions (the “Lenders”). The Credit Agreement includes a revolving credit facility (the “Revolving Credit Facility”) available for loans in U.S. dollars, Canadian dollars, euros and pounds sterling to ASI and certain foreign borrowers with aggregate commitments under the Credit Agreement of $1.0 billion.
On March 18, 2020, ASI provided notice to the Lenders to borrow approximately $230 million, which represents all remaining amounts available under the Revolving Credit Facility. Aramark has borrowed these amounts under the Revolving Credit Facility in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak. As a result of this borrowing, in addition to amounts previously drawn, cash on hand and liquid investments, Aramark will have approximately $1.3 billion in available liquidity.
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 |
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| Date: March 19, 2020 |
By: |
/s/ LAUREN A. HARRINGTON | ||||
| Name: |
LAUREN A. HARRINGTON | |||||
| Title: |
Senior Vice President and | |||||
| General Counsel |