WASH Multifamily Laundry talks credit facility at Libor plus 475 bps

By Sara Rosenberg

New York, Jan. 23 - WASH Multifamily Laundry Systems is talking its new credit facility at Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 99, according to market sources.

The facility includes a revolver and term loan, but tranche sizes are still to be determined, sources said.

The term loan has 101 soft call protection for one year.

A bank meeting to launch the credit facility will take place on Thursday.

GE Capital Markets and Fifth Third Securities Inc. are the co-lead arrangers on the deal, and CIT signed on as syndication agent, the source added.

Proceeds will be used to refinance existing debt and fund an acquisition.

WASH is an El Segundo, Calif.-based provider of laundry facilities management services.

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