CTAS · Cintas Corporation

Cintas Corporation No. 2, a wholly-owned subsidiary of Cintas Corporation, executed a significant refinancing transaction by entering into a new $2.0 billion revolving credit facility dated March 27, 2026. This new facility, arranged with KeyBank National Association as Administrative Agent and a syndicate of lenders, replaces the existing Third Amended and Restated Credit Agreement from March 23, 2022, which was terminated concurrently with all obligations repaid. The new credit facility provides Cintas with enhanced liquidity and financial flexibility, featuring a $300.0 million letter of credit sub-facility and a $150.0 million swing line sub-facility. The agreement includes an accordion feature allowing the borrower to request up to an additional $1.0 billion in revolving commitments or new term loans, subject to customary conditions. The facility matures on March 27, 2031, providing a five-year tenor. From a credit perspective, the agreement imposes a leverage ratio covenant requiring consolidated indebtedness to consolidated EBITDA not exceed 3.50 to 1.00, with a temporary increase to 4.00 to 1.00 permitted for four quarters following certain material acquisitions. The obligations are guaranteed by the parent corporation and certain material domestic subsidiaries. Pricing is linked to credit spreads ranging from 70 to 114 basis points over Term SOFR, determined pursuant to the agreement. This refinancing secures long-term capital access for the company's ongoing operational and strategic needs.