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Coinmach Corporation Announces Senior Bank Financing Commitment

NEW YORK, Nov. 25 /PRNewswire/ -- Coinmach Corporation a wholly owned subsidiary of Coinmach Laundry Corporation (Nasdaq: WDRY), has received a commitment for up to $180 million in senior financing. This facility, provided by Bankers Trust Company, First Union National Bank of North Carolina, and Lehman Brothers, Inc., will replace Coinmach's existing $35 million facility and will provide financing to support the Company's acquisition strategy.

Stephen R. Kerrigan, Chairman and CEO, said, "This new facility, arranged at attractive terms, will assist the Company in pursuing its stated goal of industry consolidation. The availability and pricing of this commitment reflects Coinmach's performance as an industry consolidator over the past year as well as its successful public debt and equity offerings."

Coinmach Laundry Corporation is a leading provider of coin-operated laundry equipment services for multi-family properties. The Company owns and operates approximately 247,000 coin-operated washers and dryers on routes in over 26,000 locations in 30 states and the District of Columbia. The Company is also a distributor of laundromat equipment and turnkey laundromats.

SOURCE Coinmach Corporation; Coinmach Laundry Corporation
 -0- 11/25/96

/CONTACT: Robert M. Doyle, Senior Vice President and Chief Financial Officer of Coinmach Laundry Corporation, 516-484-2300/


CO: Coinmach Corporation; Coinmach Laundry Corporation ST: New York IN: HOU SU:

DC-MT -- NYM061 -- 3576 11/25/96 09:51 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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