Storable widens $130 million first-lien term loan OID to 98.75

By Sara Rosenberg

New York, March 1 – Storable Inc. revised the original issue discount on its fungible $130 million incremental covenant-lite first-lien term loan due April 2028 to 98.75 from 99, according to a market source.

Pricing on the incremental first-lien term loan remained at SOFR plus 350 basis points with a 0.5% floor and the debt still has 101 soft call protection for six months.

The company is also getting a fungible $30 million privately placed incremental second-lien term loan.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Commitments continued to be due at noon ET on Tuesday, the source added.

Proceeds will be used to fund a distribution to shareholders.

With this transaction, pricing on the company’s existing first-lien term loan is changing to SOFR plus 350 bps with a 0.5% floor from Libor plus 325 bps with a 0.5% Libor floor.

Storable is an Austin, Tex.-based provider of integrated technology solutions to the self-storage industry.

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