8-KOther Events

CINTAS CORP 8-K Report (May 21, 2002)

Filed May 21, 2002For Securities:CTAS

Summary

Cintas Corporation (CTAS) filed an 8-K on May 21, 2002, primarily detailing its acquisition of Omni Services, Inc. The acquisition, valued at approximately $660 million (including debt assumed), was financed through a combination of a $450 million loan from Bank One, NA and Merrill Lynch Bank USA, $100 million from Cintas' commercial paper program, and $106 million in cash reserves. Omni Services operates in the uniform rental business, offering industrial rental items under the RUS brand and hygiene services under the Sanis brand. Cintas intends to continue operating these businesses. The filing also includes audited financial statements for Omni Services, Inc., and unaudited pro forma combined condensed financial information, reflecting the impact of the acquisition on Cintas' financial position and results of operations. Additionally, the report clarifies the unconditional guarantee by Cintas and its subsidiaries for the debt of Cintas Corporation No. 2.

Key Highlights

  • 1Cintas Corporation acquired Omni Services, Inc. for approximately $660 million on May 13, 2002.
  • 2The acquisition was financed by a $450 million loan, $100 million in commercial paper, and $106 million in cash reserves.
  • 3Omni Services operates in the uniform rental and industrial rental items market, with brands like RUS and Sanis.
  • 4Cintas plans to continue the operations of Omni Services, Inc.
  • 5The report includes detailed financial statements for Omni Services, Inc.
  • 6Unaudited pro forma combined condensed financial information is provided to illustrate the impact of the acquisition on Cintas' financials.
  • 7Cintas and its subsidiaries will unconditionally guarantee the debt of Cintas Corporation No. 2.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report the material acquisition of Omni Services, Inc. by Cintas Corporation and to provide the necessary financial statements and pro forma information related to this transaction.

The acquisition was financed through a combination of $450 million borrowed under a bridge loan facility, $100 million from Cintas' commercial paper program, and approximately $106 million in existing cash reserves.

Omni Services, Inc. operates in the uniform rental business, offering industrial rental items like towels, mops, and mats under the RUS brand. It also has a hygiene services business under the Sanis brand and derives some revenue from the direct sale of garments under the RUS Direct brand.

Cintas intends to continue the operations of Omni Services, Inc. as they currently exist.