Container Store cuts term loan B to $300 million, updates pricing

By Sara Rosenberg

New York, Aug. 15 – Container Store Group Inc. downsized its term loan B due 2021 to $300 million from $315 million and firmed pricing at Libor plus 700 basis points, the high end of the Libor plus 675 bps to 700 bps talk, according to a market source.

In addition, the original issue discount on the term loan was revised to 97 from 99, and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance and extend from April 6, 2019 an existing term loan B.

Container Store is a Coppell, Texas-based retailer of organization and storage products.

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