Alliance Laundry sets Wednesday bank meeting to launch $250 million credit facility

By Sara Rosenberg

New York, Jan. 4 - Alliance Laundry Holdings LLC is scheduled to hold a bank meeting on Wednesday morning to launch its proposed $250 million credit facility, according to a market source. Lehman is the sole lead bank on the deal.

The facility consists of a $50 million revolver talked at Libor plus 250 basis points and a $200 million term loan talked at Libor plus 250 basis points, the source said.

Proceeds will be used to help fund the acquisition of Alliance Laundry by Teachers' Private Capital for about $450 million.

Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, is buying Alliance Laundry from Bain Capital Partners LLC and other minority shareholders. The management team will continue to hold a significant investment in Alliance Laundry following the close of the transaction.

The transaction, which is expected to close in early February, is subject to financing and customary closing conditions.

Alliance Laundry is a Ripon, Wis.-based designer, manufacturer and marketer of commercial laundry equipment.

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