SmartStop enters up to $500 million multicurrency credit facility

By Taylor Fox

New York, March 17 – SmartStop Self Storage REIT, Inc. entered into a multicurrency credit facility of up to $500 million with a syndicate of banks led by KeyBank NA, Wells Fargo, NA, Citibank, NA and Bank of Montreal, according to a news release.

The facility consists of a $250 million revolving credit facility and a $250 million term loan and has an accordion feature permitting expansion of the credit facility up to $850 million, subject to conditions.

The revolver has a three-year term with a maturity date of March 17, 2024 and a one-year extension option.

The term loan has a five-year term with a maturity date of March 17, 2026.

Initial advances under the term loan bear interest at 195 basis points over 30-day Libor or 30-day CDOR, while initial advances under the revolver bear interest at 200 bps over 30-day Libor or 30-day CDOR.

SmartStop used the majority of the proceeds from the credit facility to pay off existing indebtedness held by SmartStop and SST IV.

KeyBank NA acted as administrative agent for the credit facility. Joint lead arrangers were KeyBanc Capital Markets, Inc. as well as Wells Fargo Securities, LLC, Citibank, NA and BMO Capital Markets, which also acted as co-syndication agents.

PNC Bank, NA, Truist Bank, Barclays Bank PLC and Citizens Bank acted as co-documentation agents for the credit facility.

SmartStop is a REIT based in Ladera Ranch, Calif., that invests in self-storage facilities.

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