The Container Store Group completed an amendment of its senior secured term loan credit facility, led by JPMorgan Chase Bank.

The amended and restated facility extended the maturity date to August 18, 2021 with an increase in the applicable interest rate margin for LIBOR loans to 7%, and for base rate loans to 6%, and reduced the aggregate principal amount of the term loan to $300 million.

“We are pleased to announce the amendment of our senior secured term loan that extends the maturity date while also including a soft call provision that provides us enhanced financial flexibility,” said Jodi Taylor, CFO and chief administrative officer. “We remain focused on executing our initiatives to drive sales and profitability and deliver operational improvement. We are updating our previously provided fiscal 2017 outlook to reflect the costs and higher interest expense associated with this amendment.”

As a result of the amendment, for fiscal 2017, the company expects to incur approximately $7 million of incremental interest expense for a total of approximately $25 million, and debt extinguishment costs of approximately $2 million.