Mister Car Wash has successfully completed a series of transactions to refinance its capital structure, extending its debt maturities and improving liquidity to support continued company growth. The company upsized, amended, and extended its term loan B to $925 million, now due in 2031, and upsized, amended, and extended its revolving credit facility to $300 million, now due in 2029. These transactions were used to refinance the existing term loan B due in 2026 and the existing revolving credit facility due in 2026, extending debt maturities and increasing available liquidity in line with company growth.
The CFO, Jed Gold, expressed satisfaction with the execution and outcome of the debt amendment and extension, highlighting that both were well oversubscribed and priced favorably. The $925 million term loan B facility, privately placed with institutional investors, will accrue interest at an annual rate of SOFR+300, subject to a leverage-based pricing grid, and will mature on March 27, 2031. The $300 million revolving credit facility will mature on March 27, 2029.
These transactions provide added flexibility and liquidity to drive the planned expansion of the Mister brand and profitable growth. The company will provide more details about the terms and conditions in a form 8-K filing with the Securities and Exchange Commission (SEC). As a result of these announcements, the company's shares have moved -4.3% on the market, and are now trading at a price of $7.42. For the full picture, make sure to review Mister Car Wash's 8-K report.
