IMO Car Wash talks €240 million notes in 6¾% area, pricing Thursday

By Paul A. Harris

Portland, Ore., July 2 – IMO Car Wash talked its €240 million offering of five-year senior secured notes (expected ratings B2/B) to yield in the 6¾% area, according to a market source.

The talk came in line with initial guidance in the high 6% range.

Pricing is set for Thursday.

JPMorgan is the bookrunner for the Rule 144A and Regulation S for life deal. Lloyds TSB is the co-manager.

The notes come with two years of call protection.

Proceeds will be used to refinance debt as well as to help fund a leveraged buyout of the High Wycombe, England-based car wash company by TDR Capital.

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