Mister Car Wash launches $180 million term B at Libor plus 450 bps

By Sara Rosenberg

New York, Sept. 11 – Mister Car Wash launched on Thursday its $180 million seven-year covenant-light term loan B with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $210 million credit facility (Ba3/B-) also includes a $30 million revolver.

Commitments are due on Sept. 24, the source added.

Jefferies Finance LLC, Nomura Securities Co., Ltd. and BMO Capital Markets Corp. are the leads on the deal.

Proceeds will be used to back the recently completed buyout of the company by Leonard Green & Partners LP from Oncap.

Other funds for the transaction are coming from $87.5 million of privately placed unsecured notes and about $270 million of equity.

Leverage through the bank debt is around 3.9 times.

Mister Car Wash is a Tucson, Ariz.-based car wash company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.