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IMO Car Wash Close to Refinancing Leveraged-Loan Debt

(Corrects story published yesterday that summarized Sunday Telegraph report incorrectly identifying Carlyle Group LP as the owner of IMO.)

IMO Car Wash Ltd. is close to refinancing its leveraged loans in the debt market, the company said in an e-mailed statement.

IMO is pursuing a refinancing after it failed to reach an agreement with TDR Capital LLP, according to a person with knowledge of the deal, who asked not to be identified as the negotiations were private. The London-based private-equity firm was in exclusive talks to buy IMO after winning an auction run by Rothschild, the person said.

The world’s largest car-wash company was taken over by its lenders in 2009 after breaching terms on loans backing its 2006 buyout. It borrowed about 189 million pounds ($297 million) at the time, according to data compiled by Bloomberg.

TDR Capital did not immediately return a phone call seeking comment.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Mark Gilbert at magilbert@bloomberg.net

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