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Mister Car Wash increases revolver to $300 million, extends to 2029
Chicago, April 1 – Mister Car Wash Holdings Inc. completed credit agreement refinancing transactions on March 27, according to an 8-K filing with the Securities and Exchange Commission.
The company amended its revolver to increase commitments to $300 million from $150 million.
The revolver has been extended and is now due on March 27, 2029.
Further, a 10 basis point credit spread adjustment was removed.
Interest will be at SOFR plus 250 bps.
Previously reported, the company also worked with lenders on an amended and extended term loan B.
The company raised the term loan B to $925 million, from $901 million.
The term loan, due March 27, 2031, has 101 soft call protection for six months and had its CSA removed. Interest will be at SOFR plus 300 bps with a 0% SOFR floor, lower than talk of SOFR plus 325 bps. Interest will be based on a leverage-based pricing grid, with a range of 250 bps to 300 bps.
Starting Sept. 30, the loans will amortize in 1% equal quarterly installments.
BofA Securities Inc. is the left lead arranger on the deal, as well as the successor administrative agent and collateral agent.
The incremental term loan commitment was provided by Bank of America, NA.
For the revolver, all current lenders doubled their commitments, including Bank of America, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., Wells Fargo Bank, NA, Fifth Third Bank, NA, MUFG Bank, Ltd., Royal Bank of Canada, Bank of Montreal, Banco Santander, SA, New York Branch, U.S. Bank NA and Western Alliance Bank.
The transactions were reported by the issuer as well oversubscribed.
Mister Car Wash is a Tucson-based car wash operator.
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