Alliance Laundry allocates $285 million six-year term loan

By Paul A. Harris

St. Louis, Sept. 24 - Alliance Laundry Systems LLC allocated its $285 million six-year term loan on Friday, according to a market source.

The loan is priced at Libor plus 450 basis points with a 1.75% Libor floor and an original issue discount of 99

The spread is 25 bps tight to the Libor plus 475 bps spread talk, while the Libor floor is in line with talk.

The reoffer price came at the rich end of the 98 to 99 price talk.

The term loan includes 101 soft call protection for one year.

The company's $345 million senior secured credit facility also includes a $60 million five-year revolver.

Bank of America is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Alliance Laundry is a Ripon, Wis.-based provider of laundry products and services.

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