WINTER GARDEN, FL—iStorage has secured a $50-million credit facility to recapitalize its debt. The new credit facility for the locally-based firm was announced by The BSC Group, which assisted in the financing deal provided by an unnamed national bank.

The new credit facility provides iStorage with additional capital to be used for general working capital purposes, as well as the future expansion of the business. The three-year loan was funded by a national bank and featured a variable rate of 2.25% over LIBOR with no amortization requirements and open prepayment, officials with Chicago-based BSC Group state.

“The combination of low interest rates and tremendous liquidity in the debt market make it an optimal time to help our clients find ways to lower their cost of funds,” says Shawn Hill, a BSC Group Principal. “A revolving facility also streamlines the borrowing process by creating greater flexibility and speed of execution.”

iStorage President Chris Harris says of the financing deal, “The BSC Group negotiated an ideal structure to replace an existing, inflexible credit line we had with Bank of America. It is rare to find a large bank that truly understands your business needs, willing to structure a credit facility with maximum flexibility and great pricing in order to provide a catalyst for growth. The BSC Group clearly understood our objective and identified the correct lender to make it a reality, and we could not be more pleased with the outcome.”

The transaction included a diverse portfolio of 19 self-storage properties located in seven different states.