Alliance Laundry launches $65 million of incremental bank debt

By Sara Rosenberg

New York, June 28 - Alliance Laundry Systems LLC held a conference call on Wednesday afternoon to launch its proposed $65 million of incremental bank debt (B1/B), according to a market source.

Lehman is the lead bank on the deal.

The company is looking to get a $60 million add-on to its term loan at existing pricing of Libor plus 225 basis points and a $5 million add-on to its revolver at existing pricing of Libor plus 250 bps, the source said.

Commitments are due by July 11.

Proceeds from the incremental term loan debt will be used to fund the acquisition of the Commercial Laundry Division of Laundry Systems Group for about €59 million.

The revolver add-on will be used to provide additional liquidity.

Alliance Laundry is a Ripon, Wis.-based manufacturer of commercial laundry products and provider of services for laundromats, multi-housing laundries and on-premise laundries.

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