By Cristal Cody
Tupelo, Miss., Oct. 8 – CubeSmart, LP sold $350 million of 3% guaranteed senior notes due Feb. 15, 2030 at 99.623 to yield 3.043% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB) priced with a spread of 150 basis points over Treasuries.
Wells Fargo Securities LLC, BofA Securities, Inc., U.S. Bancorp Investments Inc., Jefferies LLC and Regions Securities LLC were the bookrunners.
The notes are fully and unconditionally guaranteed by CubeSmart.
Proceeds will be used to repay debt under the company’s revolving credit facility due June 2024 and for working capital and other general corporate purposes, which may include repayment or repurchases of other debt.
CubeSmart is a Wayne, Pa.-based real estate investment trust that owns, manages, operates and develops self-storage facilities.
| Issuer: | CubeSmart, LP
|
| Guarantor: | CubeSmart
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2030
|
| Bookrunners: | Wells Fargo Securities LLC, BofA Securities, Inc., U.S. Bancorp Investments Inc., Jefferies LLC and Regions Securities LLC
|
| Co-managers: | Barclays, BB&T Capital Markets, BMO Capital Markets Corp. and Stifel, Nicolaus & Co., Inc.
|
| Coupon: | 3%
|
| Price: | 99.623
|
| Yield: | 3.043%
|
| Spread: | Treasuries plus 150 bps
|
| Call features: | Make-whole call before Nov. 15, 2029 at greater of par and Treasuries plus 25 bps; thereafter at par
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 11
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
© 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.
