Container Store $275 million term loan B firms at Libor plus 500 bps

By Sara Rosenberg

New York, April 2 - The Container Store Inc. finalized pricing on its $275 million term loan B (B3/B-) at Libor plus 500 basis points, the wide end of the Libor plus 475 bps to 500 bps talk, according to a market source.

Also, the original issue discount on the loan was tightened to 98 from 971/2, the source said.

The 1.25% Libor floor and 101 soft call protection for one year were left unchanged.

Recommitments were due at 5 p.m. ET on Monday.

The company's $350 million credit facility also provides for a $75 million asset-based revolver.

J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing $75 million ABL revolver, a $116 million term loan B and $166 million of mezzanine notes.

Container Store is a Coppell, Texas-based retailer of organization and storage products.

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