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Subsequent Events | 9 Months Ended
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Feb. 28, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On March 21, 2017, Cintas completed the previously announced acquisition of G&K for approximately $2.2 billion, including acquired net debt. G&K is now a wholly-owned subsidiary of Cintas that will operate within the Uniform Rental and Facility Services operating segment. G&K's results of operations will be included in Cintas' consolidated condensed financial statements from the date of acquisition. With the acquisition of G&K, Cintas is expected to serve over one million customers and have annual revenue in excess of $6.0 billion. To finance the G&K acquisition, Cintas used a combination of new senior notes, a term loan, other borrowings under our existing credit facility and cash on hand. Additionally, Cintas acquired long-term debt held by G&K. The following table summarizes the new debt and the debt acquired:
|  | Amount (in millions) |  | Issue Date |  | Maturity |  | Interest Rate |
Senior notes |  | $ | 650.0 |  |  | March 9, 2017 |  | April 1, 2022 |  | 2.90 | % |
Senior notes |  | 50.0 |  |  | March 9, 2017 |  | June 1, 2022 |  | 3.25 | % |
Senior notes |  | 1,000.0 |  |  | March 9, 2017 |  | April 1, 2027 |  | 3.70 | % |
Term loan |  | 250.0 |  |  | March 21, 2017 |  | September 15, 2021 |  | 1.91 | % | *
Commercial paper |  | 159.0 |  |  | Various |  | Various |  | 1.25 | % |
Total debt issued |  | 2,109.0 |  |  |  |  |  |  |  |
Debt issuance costs |  | (10.7 | ) |  |  |  |  |  |  |
Net proceeds from new debt |  | $ | 2,098.3 |  |  |  |  |  |  |  |
G&K senior notes |  | $ | 50.0 |  |  |  |  | April 15, 2023 |  | 3.73 | % |
G&K senior notes |  | 50.0 |  |  |  |  | April 15, 2025 |  | 3.88 | % |
Total debt acquired |  | $ | 100.0 |  |  |  |  |  |  |  |
* The term loan is a variable rate debt instrument. The rate presented is the variable borrowing rate on the date the term loan was funded. In addition to the debt issued, cash on hand was used to complete the acquisition. As of February 28, 2017, Cintas had multiple interest rate lock agreements in place for forecasted long-term debt issuances. The notional value of the planned debt issuances was $500.0 million of 5-year senior notes and $1.0 billion of 10-year senior notes. In conjunction with the issuance of the long-term debt, Cintas exited those interest rate lock agreements, which resulted in a deferred gain of $30.2 million. The effective portion of the gain will be recorded in other comprehensive income and amortized as a reduction to interest expense beginning in the fourth quarter of fiscal 2017 through the remaining life of the debt.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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