Public Storage uses $200 million to reduce term loan to $122 million

By Angela McDaniels

Tacoma, Wash., July 31 – Public Storage repaid a portion of its outstanding term loan in July, reducing the balance to $122 million as of July 31, according to the company’s earnings release for the second quarter.

In July, Shurgard Europe fully repaid its €311 million shareholder loan. Public Storage owns 49% of Shurgard Europe, so it received $205 million for its share of the shareholder loan and used $200 million to make the term loan paydown.

Before repaying the shareholder loan, Shurgard Europe amended its bank loan to, among other things, expand the outstanding borrowings to €125 million from €82.9 million and extend the maturity to January 2018 and it issued €300 million of senior notes in three equal tranches of seven-, 10- and 12-year maturities.

Public Storage is a real estate investment trust based in Glendale, Calif., that operates self-storage facilities.

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