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Jan. 31 (Bloomberg) -- Tank Holding Corp., the storage-tank manufacturer owned by Leonard Green & Partners LP, is seeking to lower the rate it will pay on a $346.6 million term loan, according to a person with knowledge of the transaction.

The interest on the debt will be reduced to 3 percentage points to 3.25 percentage points more than the London interbank offered rate and will be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1 percent floor.

Lenders are being offered six months of soft-call protection of 101 cents, meaning the St. Bonifacius, Minnesota-based company would have to pay 1 cent more than face value to refinance the debt during the first six months.

GE Capital Markets, the lending unit of General Electric Co., is arranging the financing and commitments are due Feb. 5, according to the person.

The company’s loan, maturing in July 2019, pays interest at 4.25 percentage points more than Libor, with a 1.25 percent floor, according to data compiled by Bloomberg.

Michael Gennara, chief operating officer, at Leonard Green, didn’t immediately respond to an e-mail seeking comment.

To contact the reporter on this story: Michael Amato in New York at

To contact the editor responsible for this story: Faris Khan at

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