Alliance Laundry to hold bank meeting Thursday for new $243 million loan

By Sara Rosenberg

New York, June 26 - Alliance Laundry Systems LLC is scheduled to hold a bank meeting Thursday regarding its new $243 million credit facility, according to market sources. Lehman Brothers is the lead bank on the deal.

The Ripon, Wis. commercial laundry manufacturer's loan consists of a $193 million five-year term loan B with an interest rate of Libor plus 350 basis points and a $50 million five-year revolver with an interest rate of Libor plus 350 basis points, market sources said.

Proceeds will be used to refinance existing debt.

Standard & Poor's assigned a B rating to the new loan.

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