Life Storage closes $1.25 billion amended five-year revolver

Chicago, July 15 – Life Storage, Inc. and Life Storage LP entered into an amended and restated revolving credit facility for $1.25 billion on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The revolving term ends on Jan. 13, 2027, subject to the borrowers’ right to extend the maturity date two times by six months each time.

The facility may be increased at the borrowers’ request to a total of $2 billion.

Interest will start at SOFR plus 10 basis points for the credit adjustment and 90 bps as a margin. The full five-tier grid, based on ratings, is 70 bps to 140 bps.

M&T Bank is the administrative agent.

Wells Fargo Securities LLC, M&T Bank, Citibank, NA and Truist Securities, Inc. are the joint lead arrangers and joint bookrunners.

Wells Fargo Bank, NA, Citibank, NA and Truist Bank are the syndication agents.

U.S. Bank NA, HSBC Bank USA, NA, PNC Bank, NA and Bank of America, NA are the documentation agents.

Proceeds will be used for the: the acquisition, renovation and construction of self-storage facilities, equity interests in joint ventures which engage in the same line of business as the borrowers and the acquisition of real and personal property in connection therewith, the repayment of debt, stock repurchases and general working capital needs.

The real estate investment trust owns and manages self-storage properties and is based in Williamsville, N.Y.

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