Mister Car launches first-lien term debt at Libor plus 375-400 bps

By Sara Rosenberg

New York, April 29 – Mister Car Wash Holdings Inc. launched on Monday its $775 million seven-year first-lien term loan and $40 million delayed-draw first-lien term loan with price talk of Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Delayed-draw term loan availability is for 24 months and the delayed-draw ticking fee is half the spread for days 46 to 90 and the full spread onwards.

The company’s $1.14 billion of credit facilities also include a $75 million revolver and a $250 million eight-year privately placed second-lien term loan.

Jefferies LLC, BMO Capital Markets, Nomura and UBS Investment Bank are the leads on the deal.

Commitments are due at 3 p.m. ET on May 7, the source added.

Proceeds will be used to refinance existing debt and pay a distribution to shareholders.

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

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