Storable launches $425 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 18 – Storable Inc. (EQT Box Merger Sub Inc.) launched on Thursday its $425 million seven-year senior secured covenant-lite first-lien term loan with price talk of Libor plus 375 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Antares Capital and Mizuho are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on March 4.

Proceeds will be used to help fund the buyout of the company by EQT Private Equity.

Closing is expected in the second quarter, subject to customary conditions and approvals.

Storable is an Austin, Tex.-based provider of software, payments, insurance and marketplace solutions to the self-storage industry.

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