Alliance Laundry Systems LLC has completed its $1.325 billion covenant-lite term loan B due 2027 at pricing of L+350, with a 0.75% Libor floor and an original issue discount, or OID, of 99.25 via a UBS-led arranger group, according to sources. Pricing came tight to talk and the loan was upside by $75 million. Proceeds will be used to refinance debt and to fund a distribution for the repurchase of a portion of preferred equity. Financing also includes a $125 million revolving credit facility due 2025 with a springing first-lien net leverage covenant. Alliance Laundry Systems, based in Ripon, Wis., designs, manufactures and markets commercial laundry equipment for use in laundromats, multi-housing laundries and on-premise laundries. Alliance is a portfolio company of BDT Capital Partners since 2015. Terms:
| Borrower | Alliance Laundry Systems |
| Issue | $1.325 billion term loan B |
| UoP | Refinancing, redeem preferred equity |
| Spread | L+350 |
| LIBOR floor | 0.75% |
| Price | 99.25 |
| Tenor | 7-year |
| YTM | 4.45% |
| Four-year yield | 4.53% |
| Call protection | 101 soft call for 6 months |
| Corporate ratings | B/B2 |
| Facility ratings | B/B2 |
| Recovery ratings | 3 |
| Financial covenants | None |
| Arrangers | UBS/BMO/BofA/Citi |
| Co-manager | JPM |
| Admin agent | UBS |
| Px Talk | L+375-400/0.75%/99 |
| Sponsor | BDT Capital Partners |
| Notes | Upsized by $75 million. |