CubeSmart enters restated $750 million revolver at Libor plus 95 bps

By Wendy Van Sickle

Columbus, Ohio, June 21 – CubeSmart and CubeSmart LP entered into a $750 million five-year unsecured revolving credit agreement on June 19, restating its revolving agreement dated Dec. 9, 2011, according to an 8-K filing with the Securities and Exchange Commission.

Interest will initially be Libor plus 95 basis points, based on the company's current credit ratings.

CubeSmart used initial advances under the credit facility to repay all amounts drawn under its prior facility and a $100 million term loan maturing in January 2020.

Wells Fargo Securities, LLC, BofA Securities, Inc. and PNC Capital Markets LLC are the joint bookrunners and are joined as lead arrangers by Regions Capital Markets and U.S. Bank, NA.

Wells Fargo Bank, NA is the administrative agent. Bank of America, NA and PNC are the syndication agents. Regions Bank and U.S. Bank are the documentation agents.

Cubesmart is a Wayne, Pa.-based real estate company, focused on the ownership and operation of self storage facilities.

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