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National Storage to repay revolver debt via proceeds from common stock
By Sarah Lizee
Olympia, Wash., Dec. 6 – National Storage Affiliates Trust plans to contribute the proceeds from an offering of 5 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 Dec. 5, the revolver had about $192 million outstanding.
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 one-month Libor plus 140 basis points for an effective rate of 2.79% per annum as of Dec. 5.
National Storage expects to redraw on the facility from time to time to invest in future acquisitions of self-storage properties.
Remaining proceeds from the offering will be used for general corporate purposes.
The real estate investment trust is based in Greenwood Village, Colo.
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