Alliance Laundry to sell $150 million eight-year notes via Lehman

By Paul A. Harris

St. Louis, Jan. 5 - Alliance Laundry Systems LLC plans to sell $150 million of eight-year senior subordinated notes (B3/CCC+) during January, according to market sources.

Lehman Brothers will run the books for the Rule 144A offering.

The company is also obtaining a $250 million credit facility.

Proceeds will be used to fund the acquisition of Alliance Laundry by Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan Board, from Bain Capital, and to repay about $280 million of Alliance Laundry's outstanding debt, including $110 million of 9 5/8% senior subordinated notes, and mandatorily redeemable preferred interests.

Alliance Laundry Systems is a Ripon, Wis.-based designer, manufacturer and marketer of commercial laundry equipment used in laundromats, multi-housing laundries and on-premise laundries.

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