Published on 4/9/2014 in the Prospect News Private Placement Daily.
New Issue: Sovran Self Storage details $175 million note placement
By Lisa Kerner
Charlotte, N.C., April 9 - Sovran Self Storage, Inc. provided additional details on its previously announced placement of $175 million of 4.533% 10-year series E senior term notes in an 8-K filing with the Securities and Exchange Commission on Wednesday.
The notes were issued with Sovran Acquisition LP.
The notes have a make-whole call at Treasuries plus 50 basis points. In the case of a partial payment, the company must prepay an amount not less than 10% of the total principal amount outstanding.
M&T Bank was the placement agent.
Purchasers include Prudential Insurance Co. of America, Pruco Life Insurance Co. of America, William Penn Life Insurance Co. of New York, Independent Order of Foresters, Mid Century Insurance Co., Massachusetts Mutual Life Insurance Co., MassMutual Asia Ltd., Banner Life Insurance Co., Metropolitan Life Insurance Co., General American Life Insurance Co., MetLife Insurance Co. of Connecticut, New England Life Insurance Co., New York Life Insurance Co., New York Life Insurance and Annuity Corp., TransAmerica Life (Bermuda) Ltd., TransAmerica Financial Life Insurance Co., Western Reserve Life Assurance Co. of Ohio, Pacific Life Insurance Co., Bankers Life and Casualty Co., Colonial Penn Life Insurance Co. and Bankers Conseco Life Insurance Co.
As previously reported, Sovran will use the note proceeds to repay the $115 million outstanding on its line of credit and to fund future property acquisitions.
The interest rate on the notes is the lowest in the company's history, chief financial officer Andy Gregoire said in a news release on Tuesday.
Sovran is a Buffalo-based real estate investment trust that acquires and manages self-storage facilities.
| Issuers: | Sovran Self Storage, Inc. and Sovran Acquisition LP
|
| Issue: | Series E senior term notes
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| Amount: | $175 million
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| Maturity: | April 8, 2024
|
| Coupon: | 4.533%
|
| Price: | Par
|
| Yield: | 4.533%
|
| Agent: | M&T Bank
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| Settlement date: | April 8
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| Purchasers: | Prudential Insurance Co. of America, Pruco Life Insurance Co. of America, William Penn Life Insurance Co. of New York, Independent Order of Foresters, Mid Century Insurance Co., Massachusetts Mutual Life Insurance Co., MassMutual Asia Ltd., Banner Life Insurance Co., Metropolitan Life Insurance Co., General American Life Insurance Co., MetLife Insurance Co. of Connecticut, New England Life Insurance Co., New York Life Insurance Co., New York Life Insurance and Annuity Corp., TransAmerica Life (Bermuda) Ltd., TransAmerica Financial Life Insurance Co., Western Reserve Life Assurance Co. of Ohio, Pacific Life Insurance Co., Bankers Life and Casualty Co., Colonial Penn Life Insurance Co. and Bankers Conseco Life Insurance Co.
|
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