Vestis (VSTS) Completes Refinancing Transaction

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Go back to Vestis (VSTS) Completes Refinancing Transaction

Vestis Announces Completion of Refinancing Transaction

February 22, 2024 4:00 PM EST

ATLANTA--(BUSINESS WIRE)-- Vestis (NYSE: VSTS), a leading provider of uniforms and workplace supplies, today announced the successful refinancing of its $800 million 2-year Term Loan A-1 with an $800 million 7-year Term Loan B. The transaction is net leverage neutral and extends the debt maturity by more than five years to 2031.

The new Term Loan B is priced at the Secured Overnight Financing Rate (SOFR) plus 225 basis points, was issued with 0.25% original issue discount and will adjust to SOFR plus 200 basis points after Vestis reaches 3.30x net leverage as defined in the... More