Container Store amends revolver maturity, closes new term loan B

By Tali Rackner

Minneapolis, Aug. 21 – Container Store, Inc. entered into a fourth amendment to its revolving credit facility on Friday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the maturity date to the earlier of (a) Aug. 18, 2022; and (b) May 18, 2021 if any portion of its senior secured term loan facility remains outstanding on such date and the maturity date of the senior secured term loan facility is not extended.

The company drew down a net amount of about $20 million on the revolver in connection with the closing of the amendment and an amendment to its senior secured term loan facility.

In addition, Container Store Group Inc. closed on a $300 million term loan B due 2021, according to a news release.

Pricing on the term loan is Libor plus 700 basis points with a 1% Libor floor and it was sold at an original issue discount of 97. The debt has 101 soft call protection for one year.

During syndication, the term loan was downsized from $315 million, pricing firmed at the high end of the Libor plus 675 bps to 700 bps talk, the discount widened from 99 and the call protection was extended from six months.

J.P. Morgan Securities LLC led the deal that was used to refinance and extend from April 6, 2019 an existing term loan B.

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

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