Super Star Car Wash gets $150 million of incremental term loans

By Sara Rosenberg

New York, Sept. 20 – Super Star Car Wash closed on a $150 million incremental unitranche facility, comprised of a $75 million first-lien term loan and a $75 million first-lien delayed-draw term loan, according to a market source.

Golub Capital acted as the left lead arranger and is the administrative agent on the deal.

Pricing on the term loans is SOFR+CSA plus 650 basis points with a 0.75% floor, the source said. Original issue discount is not being made public.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loans have hard call protection of 102 in year one and 101 in year two.

Proceeds were used to support the acquisition of Wave Wash and are available for future capital expenditures.

Pro forma for the transaction, the unitranche facility totals $619 million.

Super Star, backed by TSG Consumer Partners, is a Phoenix-based car wash operator. Wave Wash is a Dallas and Fort Worth, Tex.-based express conveyor car wash operator.

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