Wash Multifamily Laundry expects to price $850 million five-year secured notes on Friday

By Paul A. Harris

Portland, Ore., April 8 – WASH Multifamily Laundry Systems plans to price an $850 million offering of five-year senior secured first-lien notes on Friday, according to market sources.

The deal was set to kick off on a Thursday conference call with investors.

Initial talk has the notes coming to yield 6¼% to 6½%, a trader said.

Barclays is the lead bookrunner. TD Securities (USA) LLC is the joint bookrunner.

The Rule 144A and Regulation S for life notes come with two years of call protection. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Moody's Investors Service assigns its B3 corporate credit rating to WASH Multifamily Laundry. S&P Global Ratings rates the company's corporate credit at B-.

The issuing entity will be WASH Multifamily Acquisition Inc.

The El Segundo, Calif.-based laundry services provider plans to use the proceeds to refinance its existing capital structure.

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