Aramark closed a $900 million debt refinancing that included secured term loans to redeem the company’s 2024 senior notes.

According to a related 8-K filing, JPMorgan served as administrative agent for the transaction.

Aramark concurrently executed $800 million of interest rate swaps at favorable fixed interest rates. The transaction is net leverage neutral, maintains a comparable level of fixed-to-floating debt exposure due to the interest rate hedges, and extends the debt maturity by an additional three years to January 2027.

“We will continue to be opportunistic about enhancing our capital structure and maximizing financial flexibility,” said James Tarangelo, Aramark’s Treasurer. “Our refinancing will reduce interest expense and extend maturities. The heavily oversubscribed offering resulted in favorable pricing and reinforces the strong future prospects for the company.”

Philadelphia-based Aramark delivers services in food, facilities management and uniforms to millions of people every day.