Moody’s assigns to Storable B3, loans B2

Moody’s Investors Service said it assigned first-time ratings to Storable, Inc. with a B3 corporate family rating of B3 and a B3-PD probability of default rating.

Concurrently, Moody’s assigned a B2 rating to the senior secured first-lien credit facility, comprised of a $425 million term loan and an undrawn $35 million revolver. Moody’s gave a Caa2 rating to the issuer’s $150 million senior secured second-lien term loan.

Proceeds will be used to fund Storable’s acquisition by EQT Partners and Cove Hill Partners.

“Storable’s B3 corporate family rating reflects the company’s small size on a recurring revenue basis, elevated pro forma leverage levels of around 8x (Moody’s adjusted), and concentrated market focus as a provider of integrated technology and software solutions to property owners and managers in the self-storage commercial real estate sector,” the agency said in a press release.

The outlook is stable.

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