Mister Car Wash launches term loan debt at Libor plus 300 bps

By Sara Rosenberg

New York, Jan. 28 – Mister Car Wash Holdings Inc. launched on Tuesday its $796 million first-lien term loan due May 14, 2026 and $40 million delayed-draw first-lien term loan due May 14, 2026 with price talk of Libor plus 300 basis points with a 25 bps step-down at 4.25x first-lien net leverage, according to a market source.

The term loan debt is getting 101 soft call protection for six months, the source said.

Jefferies LLC is the lead on the deal.

Proceeds will be used to reprice existing funded and delayed-draw first-lien term loans down from Libor plus 350 bps with a 25 bps step-down at 4.83x first-lien net leverage.

Consents are due at noon ET on Feb. 4, the source added.

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

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