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.
|
| Amount: | $850 million
|
| Maturity: | April 15, 2026
|
| Securities: | Senior secured first-lien notes
|
| Lead books: | Barclays
|
| Joint books: | TD Securities (USA) LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5.749%
|
| Spread: | 487 bps
|
| Call protection: | Two years
|
| Special call: | 10% of the notes annually at 103 during non-call period
|
| Trade date: | April 8
|
| Settlement date: | April 19
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% area
|
| Marketing: | Drive-by
|
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