CINTAS CORP 8-K

What Happened
Cintas Corporation (through its wholly owned subsidiary Cintas Corporation No. 2) announced it entered into a $2.0 billion revolving credit facility on March 27, 2026, under a Credit Agreement with lenders and KeyBank National Association as Administrative Agent. The company disclosed the agreement in an 8-K filed March 31, 2026.

Key Details

• Revolving Credit Facility size: $2.0 billion; maturity date: March 27, 2031.
• Sub-facilities: up to $300.0 million in letters of credit and a $150.0 million swing line (each swing loan matures the earlier of 15 days after funding or March 27, 2031).
• Expansion option: ability to request additional revolving commitments or new term loans up to $1.0 billion in the aggregate, subject to customary conditions.
• Pricing: Swing Loans priced at the Base Rate; other loans at either Term SOFR + margin (70–114 basis points depending on pricing tier) or the Base Rate.
• Guarantees and covenants: Obligations guaranteed by Cintas Corporation and certain material domestic subsidiaries; includes customary covenants limiting liens, mergers/asset sales, and a financial covenant requiring consolidated net leverage ≤ 3.50x EBITDA (can increase to 4.00x for four quarters in connection with certain material acquisitions).
• Standard events of default and customary lender relationships/compensation disclosures were included.

Why It Matters
This credit facility provides Cintas with multi-year liquidity and flexibility for working capital, capital expenditures, and acquisitions, while allowing for potential expansion of commitments. The leverage covenant and other customary restrictions are typical for large corporate credit lines; investors should note the 3.50x consolidated debt-to-EBITDA covenant (with a temporary 4.00x allowance for certain acquisitions) and the facility’s maturity in 2031 when assessing near- and medium-term capital structure and borrowing capacity.