Coinmach Term Loan Breaks For Trading
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Coinmach Term Loan Breaks For Trading

Coinmach Services Corp.'s $570 million term loan broke in the secondary market at 101 1/2 last week.

Coinmach Services Corp.'s $570 million term loan broke in the secondary market at 101 1/2 last week. Deutsche Bank and JP Morgan lead the deal, which is priced at LIBOR plus 2 1/2% and includes a $340 million delayed-draw component.

The term loan will be used to refinance $230 million of existing term debt, while the remaining will be used to retire 9% notes due 2010. Pricing was originally set at LIBOR plus 2 3/4%. Twenty-five basis points were sliced off the loan because of oversubscription (CIN, 12/12).

Coinmach officials did not return calls by press time.

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