Alliance Laundry Announces Plan to Refinance Credit Facility
Alliance Laundry Holdings announced that its wholly owned subsidiary, Alliance Laundry Systems, is planning to refinance its existing credit facility which is comprised of a revolver and term loan B that mature in September 2015 and September 2016, respectively.
According to an 8-K filing, on September 30, 2010, Alliance entered into a credit agreement encompassing a five-year $60 million revolver and a six-year $285 million term loan facility with a group of lenders led by Bank of America, as administrative agent, swing line lender and an issuing lender. BMO Capital Markets and Morgan Stanley Senior Funding served as co-syndication agents.
The new senior secured credit facility is expected to be comprised of a revolver and term loan A, and proceeds will be used to refinance the borrower’s existing credit facility, to pay a special dividend in respect of the outstanding equity interests in ALH Holding, the indirect parent of holdings, and for other general corporate purposes. Final terms and structure of the new credit facility are expected to be determined over the coming weeks.
Ripon, WI-based Alliance Laundry Holdings, is the parent company of Alliance Laundry Systems, a designer, manufacturer and marketer in North America of commercial laundry equipment used in laundromats, multi-housing laundries and on-premise laundries.