International Car sets talk on $70 million add-on term B, repricing

By Sara Rosenberg

New York, March 27 – International Car Wash Group launched on Tuesday its fungible $70 million add-on first-lien term loan B due Oct. 3, 2024 and repricing of its existing $475 million first-lien term loan B due Oct. 3, 2024 with price talk of Libor plus 325 basis points with a 1% Libor floor, according to a market source.

The add-on loan is talked with an original issue discount of 99.75 and the repricing is offered at par, the source said.

The term loan B debt is getting 101 soft call protection for six months.

Goldman Sachs Bank USA, Barclays, Jefferies LLC and Credit Suisse Securities (USA) LLC are the joint lead arrangers and bookrunners on the deal.

Commitments are due on April 4, the source added.

Proceeds from the add-on loan will be used to repay revolving credit facility borrowings and to pay related fees and expenses, and the repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

The company is also seeking an amendment to refresh the $100 million incremental basket and reset the unlimited leverage governors to net first-lien leverage ratio and net secured leverage ratio from 0.25 times inside leveraged buyout closing leverage.

International Car Wash is a High Wycombe, England-based car wash operator.

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