Mister Car Wash Successfully Completes Debt Refinancing

Mister Car Wash, Inc. (the “Company”) (NYSE: MCW) announced the completion of a series of related transactions in support of a comprehensive plan to refinance its capital structure. Through these transactions, the Company extended its debt maturities and improved liquidity to support continued Company growth.

Summary of Transactions

• Upsized, Amended & Extended the $901 million Term Loan B to $925 million now due in 2031 and removed a 0.10% credit spread adjustment to the SOFR benchmark for all available interest periods
• Upsized, Amended & Extended the $150 million Revolving Credit Facility to $300 million now due in 2029, removed a 0.10% credit spread adjustment to the SOFR benchmark for all available interest periods and reduced the cost of borrowings under the facility
• Proceeds of the transaction were used to refinance the existing Mister Car Wash Term Loan B due in 2026 and the existing Mister Car Wash Revolving Credit Facility due in 2026
• The transactions extend Mister Car Wash’s debt maturities and increase available liquidity in line with Company growth

“We are thrilled with the execution and outcome of our recent debt amendment and extension. The transactions were well oversubscribed and priced favorably to our current deals. Both are a testament to Mister’s strong business and reputation in the capital markets. The transaction provides some added flexibility and liquidity to help drive our planned Mister brand expansion and profitable growth,” said Jed Gold, Chief Financial Officer at Mister Car Wash.

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.

The Company will provide more details about the terms and conditions in a Form 8-K filing with the Securities and Exchange Commission (SEC).

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding Mister Car Wash’s expansion efforts and expected growth and financial and operational results for fiscal 2024 are forward-looking statements. Words including “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.