Mister Car Wash prices term loan B at Libor plus 400 bps at 99.25

By Paul A. Harris

Portland, Ore., Sept. 25 – Mister Car Wash’s $180 million Libor plus 400 basis points seven-year covenant-light term loan B was priced at 99.25 on Thursday, according to a market source.

The price came on top of price talk that was revised from 99 while the deal was in the market. The spread came on top of spread talk that had been revised from 450 bps.

The 101 soft call protection was extended to one year from six months.

The loan still has a 1% Libor floor.

The company’s $210 million credit facility (Ba3/B-) also includes a $30 million revolver.

Jefferies Finance LLC, Nomura Securities Co., Ltd. and BMO Capital Markets Corp. are the leads on the deal.

Proceeds will be used to back the recently completed buyout of the company by Leonard Green & Partners LP from Oncap.

Other funds for the transaction are coming from $87.5 million of privately placed unsecured notes and about $270 million of equity.

Leverage through the bank debt is around 3.9 times.

Mister Car Wash is a Tucson, Ariz.-based car wash company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.