Container Store to launch $362 million term loan B on Tuesday

By Sara Rosenberg

New York, March 4 - The Container Store Inc. is scheduled to hold a call at 11 a.m. ET on Tuesday to launch a roughly $362 million term loan B due 2019, according to a market source.

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

Price talk on the term loan B is Libor plus 425 basis points to 450 bps with a 1.25% Libor floor and an original issue discount that is still to be determined, the source said.

Expected ratings are B3/B-.

Proceeds will be used to refinance a roughly $272 million term loan B and redeem a portion of the company's outstanding cumulative preferred stock.

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

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