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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.)

July 30 (Bloomberg) -- 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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