Mister Car Wash tightens issue price on incremental term loan to par

By Sara Rosenberg

New York, May 15 – Mister Car Wash changed the issue price on its $40 million incremental term loan to par from 99.75, according to a market source.

Pricing on the incremental loan, as well as on the repricing of the company’s existing $434 million term loan, is still Libor plus 375 basis points with a 25 bps step-down at 4 times first-lien leverage and a 1% Libor floor.

As before, the repricing is offered at par and 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.

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

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