By Paul A. Harris
Portland, Ore., April 8 – WASH Multifamily Laundry Systems priced an $850 million issue of 5¾% five-year senior secured first-lien notes (B3/B-) at par to yield 5.749% on Thursday, according to market sources.
The yield printed 12.5 basis points inside of yield talk in the 6% area. Initial talk was 6¼% to 6½%.
Timing was accelerated. When the deal as announced early Thursday it was expected to remain in the market until Friday.
Barclays was the lead bookrunner.
The El Segundo, Calif.-based laundry services provider plans to use the proceeds to refinance its existing capital structure.
Issuer: | WASH Multifamily Acquisition Inc.
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Amount: | $850 million
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Maturity: | April 15, 2026
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Securities: | Senior secured first-lien notes
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Lead books: | Barclays
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Joint books: | TD Securities (USA) LLC
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Coupon: | 5¾%
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Price: | Par
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Yield: | 5.749%
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Spread: | 487 bps
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Call protection: | Two years
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Special call: | 10% of the notes annually at 103 during non-call period
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Trade date: | April 8
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Settlement date: | April 19
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Ratings: | Moody's: B3
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| S&P: B-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 6% area
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Marketing: | Drive-by
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