Storable sets talk on incremental covenant-lite first-lien term loan

By Paul A. Harris

Portland, Ore., Feb. 22 – Storable Inc. launched a $130 million fungible incremental covenant-lite first-lien term loan due April 2028 (expected ratings B2/B) on Tuesday, according to a market source.

The deal, which was set to kick off on a Tuesday lender call, is in the market with a SOFR plus 350 basis points spread, versus the Libor plus 325 bps spread on the original loan. It features a 0.5% floor, the same as the original loan.

The offer price is 99.

The loan has six months of soft call protection with a 101 premium.

Commitments are due at noon ET on March 1.

Credit Suisse is the arranger.

The financing also includes a $30 million fungible incremental second-lien term loan that is privately placed.

Proceeds will be used to fund a distribution to shareholders.

The borrower is an Austin, Tex.-based provider of integrated technology solutions to the self-storage industry.

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