National Storage to repay revolver debt with common share offering

By Tali Rackner

Norfolk, Va., June 28 – National Storage Affiliates Trust plans to contribute the proceeds from an offering of 8.75 million common shares of beneficial interest to operating partnership NSA OP, LP, which will repay borrowings outstanding under National Storage’s revolving credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

As of June 27, the revolver had an outstanding balance of about $196 million.

The revolver matures in May 2020 but may be extended by one year with an extension fee of 0.15% of the total borrowing commitment at the time of extension. Interest is equal to Libor plus 140 basis points for an effective rate of 1.85% per annum as of June 24.

National Storage expects to redraw on the facility from time to time to invest in future acquisitions of self-storage properties.

The real estate investment trust is based in Greenwood Village, Colo.

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