Cintas Corporation (NASDAQ: CTAS) announced that its wholly-owned subsidiary Cintas Corporation No. 2 entered into a $2 billion revolving credit facility on March 27, 2026. The facility includes a letter of credit sub-facility of up to $300 million and a swing line sub-facility of up to $150 million.

KeyBank National Association serves as the administrative agent for the credit agreement. The revolving credit facility matures on March 27, 2031, with swing loans having a maximum 15-day maturity period.

The credit agreement allows Cintas No. 2 to request increases in revolving commitments or new term loan facilities of up to $1 billion in aggregate, subject to customary conditions. Cintas Corporation and certain material domestic subsidiaries have guaranteed the obligations under the facility.

Interest rates on loans will vary based on loan type. Swing loans carry the Base Rate, while other loans offer Cintas No. 2 the option of either the relevant Term SOFR rate plus an applicable margin of 70 to 114 basis points or the Base Rate.

The credit agreement includes standard covenants limiting the ability to incur certain liens and restricting consolidation, merger, or asset sales. A financial covenant requires Cintas to maintain a leverage ratio of consolidated indebtedness to consolidated EBITDA of no more than 3.50 to 1.00, which may increase to 4.00 to 1.00 for four quarters following certain material acquisitions.

In connection with the new facility, Cintas No. 2 terminated its existing credit agreement dated March 23, 2022, and repaid all outstanding obligations under that agreement on March 27, 2026.