SmartStop restates $650 million multicurrency revolving facility

By Wendy Van Sickle

Columbus, Ohio, Feb. 22 – SmartStop Self Storage REIT, Inc. entered into an amended and restated $650 million multicurrency revolving credit facility on Thursday, according to a news release.

The revolver has a maturity date of Feb. 22, 2027 and a one-year extension option.

KeyBank, NA as administrative agent and KeyBanc Capital Markets, LLC, BMO Capital Markets Corp., JPMorgan Chase Bank, NA, Manufacturers and Traders Trust Co., Truist Securities, Inc. and Wells Fargo Securities acted as bookrunners and lead arrangers.

Bank of Montreal, JPMorgan, Manufacturers and Traders, Truist Bank and Wells Fargo Bank, NA served as syndication agents.

Huntington National Bank, Raymond James Bank and U.S. Bank NA were the documentation agents.

An accordion feature allows the credit agreement to be expanded up to a total of $1.5 billion.

“We are extremely pleased to announce the closing of this facility in what we believe to be a very challenging and volatile lending environment,” said H. Michael Schwartz, chairman and chief executive officer of SmartStop, in the release. “We have secured ample debt capital to execute our growth plans both in the U.S. and Canada, while providing an achievable path to becoming a fully unsecured borrower.”

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.