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Alliance Laundry launches $375 million term loan at Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 1 - Alliance Laundry Systems LLC launched the repricing of its $375 million term loan with talk of Libor plus 325 basis points with a 1.25% Libor floor and a par offer price, according to a market source.
The repriced loan has a step-down to Libor plus 300 bps when leverage is less than 4¾ times and 101 soft call protection for six months, the source said.
With this transaction, the company is taking the term loan down from Libor plus 425 bps with a 1.25% Libor floor. The existing loan includes a step-down to Libor plus 400 bps at 4¾ times leverage.
Bank of America Merrill Lynch, BMO Capital Markets Corp., Morgan Stanley Senior Funding Inc. and Scotia Capital (USA) Inc. are the lead banks on the deal.
Commitments are due on Feb. 8.
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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