Mobile Storage Group to hold bank meeting Friday regarding new $200 million credit facility

By Sara Rosenberg

New York, May 2 - Mobile Storage Group Inc. is scheduled to hold a bank meeting Friday regarding its new $200 million secured credit facility, according to a company spokesman. Credit Suisse First Boston and Lehman Brothers are co-leads on the deal.

The La Crascenta, Calif. renter and seller of containers, offices and trailers for storage purposes company's loan consists of a $60 million five-year revolver and a $140 million term B tranche, the company spokesman said. Security for the facility is a first priority lien on all tangible and intangible assets. Proceeds will be combined with proceeds from an initial public offering to repay existing debt.

Closing on the credit facility is anticipated to take place on the effective date of the IPO, which most likely will occur in June, the company spokesman said.

Moody's Investors Service rates the new loan Ba3. Standard & Poor's rates the loan BB.

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