By Lisa Kerner
Charlotte, N.C., Aug. 5 - Sovran Self Storage, Inc. said it will use the proceeds from a 10-year $100 million privately placed series D term note with a 5.54% coupon to partially repay its $150 million term loan maturing in June 2012 and $71 million outstanding on its line of credit.
Additional funding will come from proceeds of a seven-year $125 million term loan, according to a company news release.
The bank lending syndicate also provided a commitment for a seven-year $100 million delayed-draw note with a coupon of Libor plus 200 basis points.
M&T Bank is the arranger and bookrunner.
Sovran is a Buffalo-based real estate investment trust whose business is acquiring, developing and managing self-storage facilities.
| Issuer: | Sovran Self Storage, Inc.
|
| Issue: | Series D term note
|
| Amount: | $100 million
|
| Maturity: | 2021
|
| Coupon: | 5.54%
|
| Bookrunner: | M&T Bank
|
| Distribution: | Private placement
|
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