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.

  • 15 Dec 2005
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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.

  • 15 Dec 2005

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2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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