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Borrowings | 9 Months Ended
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Jun. 27, 2025
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS: Long-term borrowings, net, are summarized in the following table (in thousands):
|  | June 27, 2025 |  | September 27, 2024
Senior Secured Credit Facility: |  |  |  |
$1.4 Billion Revolving Credit Facility due August 2029 |  | $ | 445,013 |  |  | $ | 30,138 |
Term A Loans due August 2029 |  | 488,053 |  |  | 499,624 |
United States Term B Loans due June 2030 |  | 2,398,539 |  |  | 1,073,060 |
United States Term B Loans due April 2028 |  | 726,508 |  |  | 725,504 |
United States Term B Loans due January 2027 |  | — |  |  | 836,680 |
Senior Unsecured Notes: |  |  |  |
4.375% Senior Unsecured Notes (EUR) due April 2033 |  | 463,711 |  |  | — |
5.000% Senior Unsecured Notes due February 2028 |  | 1,145,576 |  |  | 1,144,404 |
5.000% Senior Unsecured Notes due April 2025 |  | — |  |  | 550,789 |
3.125% Senior Unsecured Notes (EUR) due April 2025 |  | — |  |  | 362,459 |
Other: |  |  |  |
Receivables Facility due July 2026 |  | 570,000 |  |  | — |
Finance leases |  | 51,312 |  |  | 40,440 |
Other |  | 6,235 |  |  | 8,359 |
|  | 6,294,947 |  |  | 5,271,457 |
Less—current portion |  | (41,113) |  |  | (964,286) |
|  | $ | 6,253,834 |  |  | $ | 4,307,171 |
As of June 27, 2025, there were $1,058.7 million of outstanding foreign currency borrowings. As of June 27, 2025, there was $906.5 million of availability under the senior secured revolving credit facility and $30.0 million of availability under the Receivables Facility. 3.125% Senior Notes (EUR) due April 2025 On April 1, 2025, Aramark International Finance S.à.r.l. ("AIFS"), an indirect wholly owned subsidiary of the Company, fully repaid the €325.0 million outstanding aggregate principal amount of AIFS’ euro denominated 3.125% 2025 Senior Notes due April 2025 (the "3.125% 2025 Notes") at maturity, using a portion of the net proceeds from the issuance and sale of the euro denominated 4.375% Senior Notes due April 2033 (the "4.375% 2033 Notes"). 4.375% Senior Notes (EUR) due April 2033 On March 19, 2025, AIFS issued €400.0 million of 4.375% 2033 Notes, and used a portion of the net proceeds from the issuance and sale of the 4.375% 2033 Notes to repay the 3.125% 2025 Notes and the remainder for general corporate purposes, including reduction of debt. The Company capitalized €4.4 million in third-party costs directly attributable to the issuance and sale of the 4.375% 2033 Notes. The capitalized costs are amortized using the effective interest method over the term of the 4.375% 2033 Notes and are presented in “Long-Term Borrowings” on the Condensed Consolidated Balance Sheet as of June 27, 2025 as a direct deduction from the carrying value of the notes. The 4.375% 2033 Notes were issued pursuant to an indenture (the "2033 Notes Indenture"), entered into by and among AIFS, the Company, Aramark Services, Inc. ("ASI") and certain other Aramark entities, as guarantors, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank Europe DAC, as paying agent, transfer agent and registrar. The 4.375% 2033 Notes were issued at par. The 4.375% 2033 Notes are senior unsecured obligations of AIFS. The 4.375% 2033 Notes rank equal in right of payment to all of the AIFS's existing and future senior indebtedness and will rank senior in right of payment to the AIFS' future subordinated indebtedness, if any. The 4.375% 2033 Notes are guaranteed on a senior, unsecured basis by the Company and substantially all of the domestic subsidiaries of ASI. The guarantees of the 4.375% 2033 Notes rank equal in right of payment to all of the senior obligations of such guarantor. The guarantee of the 4.375% 2033 Notes by guarantor is effectively subordinated to all of such guarantor's existing and future secured indebtedness, to the extent of the value of the assets securing that indebtedness, and structurally subordinated to all of the liabilities of any of such guarantor's subsidiaries that do not guarantee the 4.375% 2033 Notes. The 4.375% 2033 Notes are also guaranteed on a senior unsecured basis by the Company for purposes of financial reporting. Interest on the 4.375% 2033 Notes is payable on April 15 and October 15 of each year, commencing October 15, 2025. Prior to April 15, 2028, AIFS may redeem all or a portion of the 4.375% 2033 Notes at a price equal to 100% of the principal amount of the 4.375% 2033 Notes redeemed plus a “make whole” premium, as described in the 2033 Notes Indenture, and accrued and unpaid interest, if any, to, but not including the date of redemption. AIFS has the option to redeem all or a portion of the 4.375% 2033 Notes at any time on or after April 15, 2028 at the redemption prices set forth in the 2033 Notes Indenture plus accrued and unpaid interest, if any, to, but not including the date of redemption. The 2033 Notes Indenture contains covenants limiting ASI's ability and the ability of its restricted subsidiaries to: incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; create or allow any restriction on the ability of restricted subsidiaries to make payments to ASI; enter into sale and leaseback transactions; merge, consolidate, sell or otherwise dispose of all or substantially all of ASI and its subsidiaries' assets on a consolidated basis; and designate ASI's subsidiaries as unrestricted subsidiaries. The Company will not be subject to the covenants that apply to ASI or its restricted subsidiaries under the 2033 Notes Indenture. The 2033 Notes Indenture also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the 4.375% 2033 Notes to become or to be declared due and payable. Further, a failure to pay any obligations under the 2033 Notes Indenture as they become due or any event causing amounts to become due prior to their stated maturity could result in a cross-default and potential acceleration of ASI’s other outstanding debt obligations, including the other senior notes and obligations under the senior secured credit facilities. United States Term B Loans due June 2030 Incremental Amendment, United States Term B Loans due January 2027 Repayment and 5.000% Senior Notes Due April 2025 Redemption ASI and certain of its subsidiaries entered into a credit agreement on March 28, 2017 (as subsequently amended the "Credit Agreement"). On February 18, 2025, ASI entered into an incremental amendment to the Credit Agreement (“Incremental Amendment No. 17”) to provide for, among other things, the establishment of new term loans comprised of new United States dollar denominated Term B-8 Loans ("New U.S. Term B-8 Loans due 2030") in an amount equal to $1,395.0 million, in the form of a fungible upsize to ASI’s existing United States dollar denominated Term B-8 Loans due in June 2030 (“U.S. Term B-8 Loans due 2030”). The New U.S. Term B-8 Loans due 2030 were funded in full on the closing date of Incremental Amendment No. 17 and were applied by ASI to: (a) repay in full $839.3 million of the United States dollar denominated Term B-4 Loans due January 2027 ("U.S. Term B-4 Loans due 2027") previously outstanding under the Credit Agreement; (b) to redeem the entire $551.5 million aggregate principal amount outstanding of ASI's 5.000% Senior Notes due April 2025 (the "5.000% 2025 Notes") at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest to the date of redemption; and (c) to pay fees, premiums, expenses and other transaction costs in connection with the foregoing. The U.S. Term B-8 Loans due 2030 bear interest rates equal to either (a) a forward-looking term rate based on the Secured Overnight Financing Rate for the applicable interest period (“Term SOFR”) or (b) a base rate determined by reference to the highest of either (1) the prime rate of the administrative agent, (2) the federal funds rate plus 0.50% and (3) Term SOFR for a one-month interest period plus 1.00% plus an applicable margin set at 2.00% for borrowings based on Term SOFR and 1.00% for borrowings based on the base rate. The U.S. Term B-8 Loans due 2030 require the payment of installments in the quarterly principal amount of $6.3 million from March 31, 2025 through March 31, 2030, and $2,346.4 million at maturity. The U.S. Term B-8 Loans due 2030 are subject to substantially similar terms relating to guarantees, collateral, mandatory prepayments and covenants that are applicable to ASI’s other Term B Loans outstanding under the Credit Agreement. The Company capitalized $4.6 million of transaction costs directly attributable to the refinancing in Amendment No. 17, which are amortized using the effective interest method over the term of the loans and are presented in “Long-Term Borrowings” on the Condensed Consolidated Balance Sheet as of June 27, 2025 as a direct deduction from the carrying value of the loans. Amounts paid for capitalized transaction costs are included within “Other financing activities” on the Condensed Consolidated Statement of Cash Flows for the nine months ended June 27, 2025. Additionally, the Company recorded $8.3 million of charges to "Interest Expense, net" on the Condensed Consolidated Statements of Income for the nine months ended June 27, 2025, consisting of a $2.5 million non-cash loss for the write-off of unamortized deferred financing costs and discount on the U.S. Term B-4 Loans due 2027 and the 5.000% 2025 Notes and the payment of $5.8 million of transaction costs related to the refinancing. March 2024 Senior Secured Credit Agreement Refinancing On March 27, 2024, ASI amended its existing Credit Agreement (“Amendment No. 14”), to provide for, among other things, the repricing of all the United States dollar denominated Term B-5 Loans previously outstanding under the Credit Agreement (“U.S. Term B-5 Loans due 2028”) and the repricing of all the United States dollar denominated Term B-6 Loans previously outstanding under the Credit Agreement (“U.S. Term B-6 Loans due 2030”). As a result of the Amendment No. 14, (i) U.S. Term B-5 Loans due 2028 previously outstanding under the Credit Agreement were replaced with new United States dollar denominated Term B-7 Loans (“U.S. Term B-7 Loans due 2028”) in an amount equal to $730.5 million due in April 2028 and (ii) U.S. Term B-6 Loans due 2030 previously outstanding under the Credit Agreement were replaced with the new United States dollar denominated Term B-8 Loans (“U.S. Term B-8 Loans due 2030”) in an amount equal to $1,094.5 million due in June 2030. The Company capitalized $0.9 million of transaction costs that are included within “Other financing activities” on the Condensed Consolidated Statement of Cash Flows for the nine months ended June 28, 2024. Additionally, the Company recorded $1.6 million of charges to "Interest Expense, net" on the Condensed Consolidated Statements of Income for the nine months ended June 28, 2024, consisting of a $1.2 million non-cash loss for the write-off of unamortized deferred financing costs and discount on the U.S. Term B-5 Loans due 2028 and U.S. Term B-6 Loans due 2030 and the payment of $0.4 million of transaction costs related to the repricings. 6.375% Senior Notes due 2025 Repayment On October 2, 2023, the Company fully redeemed the $1,500.0 million 6.375% 2025 Senior Notes due May 2025 (the "6.375% 2025 Notes") in conjunction with the separation and distribution of the Uniform segment (see Note 1). The Company recorded $31.8 million of charges to "Interest Expense, net" on the Condensed Consolidated Statements of Income for the nine months ended June 28, 2024, consisting of the payment of a $23.9 million call premium and a $7.9 million non-cash loss for the write-off of unamortized deferred financing costs on the 6.375% 2025 Notes. The amount paid for the call premium is included within "Other financing activities" on the Condensed Consolidated Statements of Cash Flows for the nine months ended June 28, 2024.

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