Mister Car launches incremental loan, repricing at Libor plus 375 bps

By Sara Rosenberg

New York, May 8 – Mister Car Wash launched on Monday its $40 million incremental term loan and a repricing of its existing $434 million term loan with price talk of Libor plus 375 basis points with a 25 bps step-down at 4 times first-lien leverage and a 1% Libor floor, according to a market source.

The incremental term loan is offered with an original issue discount of 99.75 and the repricing is offered at par, the source said.

All of the term loan debt is getting 101 soft call protection for six months.

Jefferies LLC is the lead on the deal.

Proceeds from the incremental loan will be used for general corporate purposes and to pay down revolver borrowings, and the repricing will take the existing term loan down from Libor plus 425 bps with a 25 bps step-down and a 1% Libor floor.

Commitments are due on Friday, the source added.

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

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