PODS tightens discount on $50 million add-on term loan B to 99.75

By Sara Rosenberg

New York, Aug. 3 – PODS LLC revised the original issue discount on its $50 million add-on senior secured term loan B due Feb. 2, 2022 to 99.75 from the 99.5 area, according to a market source.

With the add-on, the company’s term loan B will total $459 million and pricing on the entire tranche will be Libor plus 350 basis points with a 1% Libor floor.

Proceeds from the add-on will be used to repay revolver borrowings and add cash to the balance sheet, and the existing term loan B is being repriced from Libor plus 425 bps with a 1% Libor floor.

The repricing is offered at par.

All of the term loan debt is getting 101 soft call protection for six months.

Recommitments were due by the end of the day on Monday, with allocations targeted for Tuesday, the source added.

Morgan Stanley Senior Funding Inc. and Barclays are the bookrunners on the deal.

Existing term loan B lenders will get paid down at 101 with the repricing as the debt currently has 101 soft call protection.

PODS is a Clearwater, Fla.-based provider of storage and moving containers.

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