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Mister Car Wash revises issue price on $20 million add-on loan to par
By Sara Rosenberg
New York, Dec. 13 – Mister Car Wash Holdings Inc. tightened the issue price on its $20 million add-on term loan due July 2021 to par from 99.75, according to a market source.
Pricing on the add-on term loan and on the repricing of the company’s existing $471,337,660 term loan due July 2021 remained at Libor plus 325 basis points with a 1% Libor floor.
The term loan debt has 101 soft call protection for six months.
Jefferies LLC is the lead on the deal.
Commitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.
The incremental term loan will be used to pay down revolving credit facility borrowings and fund cash to the balance sheet, and the repricing will take the existing term loan down from Libor plus 375 bps with a 1% Libor floor.
Mister Car Wash is a Tucson, Ariz.-based car wash company.
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