Sovran Self Storage to repay line of credit debt via common stock

By Tali Rackner

Norfolk, Va., Feb. 27 – Sovran Self Storage, Inc. plans to repay debt outstanding on its unsecured line of credit with the proceeds from a common stock offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Feb. 24, the outstanding principal balance on the line of credit was $187 million.

Sovran is a Buffalo real estate investment trust that is in the business of acquiring and managing self storage facilities.

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