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.