Vestis Announces Completion of Refinancing Transaction
Vestis Corporation (VSTS)
Company Research
Source: Business Wire
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 credit agreement.“We are pleased to announce a successful refinancing, with a Term Loan B structure that reflects our commitment to de-leveraging. The ability to extend our debt maturity from two years to seven years enhances our financial position to advance our strategic plan and drive strong shareholder returns,” said Vestis Chief Financial Officer Rick Dillon. “We remain confident in the strength of our capit
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VSTS
News
- VESTIS ALERT: Bragar Eagel & Squire, P.C. is Investigating Vestis Corporation on Behalf of Vestis Stockholders and Encourages Investors to Contact the FirmGlobeNewswire
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Vestis Corporation - VSTSAccesswire
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Vestis Corporation - VSTSPR Newswire
- VSTS Investigation Alert: Kessler Topaz Meltzer & Check, LLP Encourages Vestis Corporation (NYSE: VSTS) Investors with Losses to Contact the Firm Accesswire
- Vestis Co. (NYSE: VSTS) was downgraded by analysts at Redburn Atlantic from a "buy" rating to a "neutral" rating. They now have a $13.40 price target on the stock.MarketBeat
VSTS
Earnings
- 5/2/24 - Miss
VSTS
Sec Filings
- 5/8/24 - Form SC
- 5/8/24 - Form 10-Q
- 5/2/24 - Form 8-K
- VSTS's page on the SEC website