
(In thousands)	Interest Rate	Fiscal Year Issued	Fiscal Year Maturity	2026		2025

Debt due within one year

Senior notes	3.70%	2017	2027	$	1,000,000	$	—




Debt issuance costs				(1,013)		—
Total debt due within one year				$	998,987	$	—

Debt due after one year

Senior notes	3.70%	2017	2027	$	—	$	1,000,000
Senior notes	4.20%	2025	2028	400,000		400,000
Senior notes	4.00%	2022	2032	800,000		800,000
Senior notes	6.15%	2007	2037	236,550		236,550

Debt issuance costs				(7,464)		(11,551)
Total debt due after one year				$	1,429,086	$	2,424,999

The average interest rate for all Cintas debt at May 31, 2026 was 4.1%, with maturity dates through fiscal year 2037. Cintas' senior notes are recorded at cost, net of debt issuance costs. The fair value of the long-term debt is estimated using Level 2 inputs based on observable market prices. The carrying value and fair value of Cintas' debt as of May 31, 2026 were $2,436.6 million and $2,425.2 million, respectively, and as of May 31, 2025 were $2,436.6 million and $2,404.7 million, respectively.

On April 15, 2025, in accordance with the terms of the senior notes, Cintas paid the $50.0 million aggregate principal amount outstanding of its 3.11%, private placement, 10-year senior notes that matured on that date with cash on hand. On May 1, 2025, in accordance with the terms of the senior notes, Cintas paid the $400.0 million aggregate principal outstanding of its 3.45%, 3-year senior notes that matured on that date with cash on hand. On May 2, 2025, Cintas issued $400.0 million aggregate principal amount of senior notes that bear an interest rate of 4.20% and mature on May 1, 2028.

Letters of credit outstanding were $125.8 million and $129.6 million at May 31, 2026 and 2025, respectively. Maturities of debt during each of the next five fiscal years are $1,000.0 million, $400.0 million, $0.0 million, $0.0 million and $0.0 million, respectively.

During fiscal 2026, in connection with the Company's entry into the Merger Agreement related to the acquisition of UniFirst, Cintas pre-paid $5.2 million in fees to acquire the bridge loan financing. As of May 31, 2026, these fees were recorded in other assets, net on the consolidated balance sheet to be expensed over the life of the bridge loan financing.

Cintas Corporation No. 2 (Corp. 2) entered into a credit agreement which supports our commercial paper program on March 27, 2026 (the Credit Agreement). The Credit Agreement has capacity under the revolving credit facility of $2.0 billion and contains a letter of credit sub-facility of up to $300.0 million and a swing line sub-facility of up to $150.0 million. The Credit Agreement has an accordion feature that provides Cintas with the ability to request increases to the borrowing commitments under the revolving credit facility up to $1.0 billion in the aggregate, subject to customary conditions. The maturity date of the revolving credit facility is March 27, 2031. In connection with the entry into the Credit Agreement, on March 27, 2026, Corp. 2 terminated all commitments and repaid all obligations under its existing Third Amended and Restated Credit Agreement, dated as of March 23, 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to such date, the “Existing Credit Agreement”).

Upon the termination of the Existing Credit Agreement, all the obligations under the Existing Credit Agreement were terminated. As of both May 31, 2026 and 2025, there was no commercial paper outstanding and no borrowings on our revolving credit facility. The fair value of the commercial paper, if any, which approximates carrying value, is estimated using level 2 inputs based on general market prices and interest rates.

Cintas uses interest rate locks to manage its overall interest expense as interest rate locks effectively change the interest rate of specific debt issuances. The interest rate locks are entered into to protect against unfavorable movements in the benchmark treasury rate related to forecasted debt issuances. Cintas used interest rate locks, which represent cash flow hedges, to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2007, fiscal 2017 and fiscal 2022. The amortization of the interest rate locks resulted in a decrease to other comprehensive income of $6.1 million, $6.1 million and $6.0 million for the fiscal years ended May 31, 2026, 2025 and 2024, respectively.

During fiscal 2022 and fiscal 2020, Cintas entered into interest rate lock agreements for forecasted debt issuances. The aggregate notional value of outstanding cash flow hedges was $500.0 million at both May 31, 2026 and 2025. The fair values of the outstanding interest rate locks, for forecasted debt issuances, which are included in other assets, net, are summarized as follows at May 31:

The changes in fair value of the interest rate locks are recorded in other comprehensive income (loss), net of tax. These interest rate locks had no impact on net income or cash flows for the fiscal years ended May 31, 2026 or 2025.