Life Storage to repay term loan, line of credit via new note offering

By Tali Rackner

Minneapolis, Nov. 28 – Life Storage LP plans to pay $225 million of the principal outstanding under its $325 million unsecured term note maturing June 4, 2020 using the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used to pay amounts owing under the company’s unsecured line of credit, which has a current outstanding amount of $338 million. The line of credit matures on Dec. 10, 2019.

The self-storage company and real estate investment trust is based in Williamsville, N.Y.

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