Storable shifts some funds between first- and second-lien term loans

By Sara Rosenberg

New York, Feb. 26 – Storable Inc. (EQT Box Merger Sub Inc.) upsized its seven-year senior secured covenant-lite first-lien term loan (B2/B) to $450 million from $425 million and downsized its privately placed second-lien term loan to $125 million from $150 million, according to a market source.

Also, pricing on the first-lien term loan was reduced to Libor plus 325 basis points from Libor plus 375 bps, the Libor floor was lowered to 0.5% from 0.75% and the original issue discount was tightened to 99.75 from 99.5, the source said.

The first-lien term loan still has 101 soft call protection for six months.

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

Recommitments were scheduled to be due at noon ET on Friday, the source added.

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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