Penfund partners in $225 mln credit facility for Mister Car Wash
Canadian junior capital provider Penfund has partnered as a follow-on investor in a US$225 million second lien credit facility for Mister Car Wash (MCW), a Tucson, Arizona-based car wash operator. The facility's proceeds, along with the proceeds of a US$800 million first lien term loan, have been used to refinance MCW’s existing debt and pay a distribution to shareholders. Senior lenders also provided a US$75 million revolving credit facility and US$40 million delayed draw term loan. MCW was acquired in 2014 by U.S. private equity firm Leonard Green & Partners. In December, Penfund closed its sixth mid-market fund, Penfund Capital Fund VI, raising $1.15 billion.
23 May 2019•3 mins read
