Alliance Laundry to launch $560 million credit facility on Tuesday

By Sara Rosenberg

New York, Nov. 26 - Alliance Laundry Systems LLC is scheduled to hold a conference call at 1:30 p.m. ET on Tuesday to launch a $560 million credit facility, according to a market source.

Bank of America Merrill Lynch, BMO Capital Markets Corp., Morgan Stanley Senior Funding Inc., Scotia Capital (USA) Inc. and Fifth Third Securities Inc. are the lead banks on the deal.

The facility consists of a $75 million five-year revolver, a $360 million six-year covenant-light first-lien term loan and a $125 million seven-year covenant-light second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Proceeds will be used to refinance existing debt and fund a dividend.

Alliance Laundry is a Ripon, Mass.-based designer, manufacturer and marketer of commercial laundry equipment used in laundromats, multi-housing laundries and on-premise laundries.

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