PODS launches $775 million term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Nov. 13 – PODS LLC launched on Monday its $775 million seven-year covenant-light senior secured term loan B with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

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

Commitments are due on Nov. 21, the source added.

Proceeds will be used to refinance existing debt, fund a dividend and pay related fees and expenses.

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

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