TROW - OHA is Administrative Agent & Lead Left Arranger for Private Refinancing of National Carwash Solutions | Benzinga
New York, New York, June 11, 2024 (GLOBE NEWSWIRE) -- Oak Hill Advisors ("OHA") served as Administrative Agent and Lead Left Arranger for a unitranche facility supporting National Carwash Solutions ("NCS"), a portfolio company of Berkshire Partners ("Berkshire"). NCS is a leading provider of car wash equipment, supplies and services to operators across North America. OHA provided half of the over one billion dollar total financing facility, consisting of a unitranche term loan, delayed draw term loan and revolver, which is being used primarily to refinance the company's existing debt.
OHA's extensive knowledge of the carwash ecosystem, having invested in multiple credits in both public and private markets since 2019, positioned it to have a key role in this refinancing solution. OHA first invested in NCS in 2021, supporting Berkshire's buyout of the company. With this transaction, OHA significantly expanded its lending relationship with NCS, reflecting OHA's conviction in its market-leading positioning and underlying credit quality.
"With a resilient business model and strong sponsor support, NCS is a leading player poised for continued growth within a sector that we know ...