Strategic Storage Trust obtains three-year $105 million revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 28 – Strategic Storage Trust II, Inc. entered into a $105 million three-year amended and restated revolving credit facility on Dec. 22, according to an 8-K filed with the Securities and Exchange Commission.

The company may request to further increase the revolver in increments of at least $10 million up to a total facility size of $500 million.

The revolver has two one-year extension options.

Borrowings bear interest at Libor plus 250 basis points or 225 bps, and there is an unused fee of either 20 bps or 25 bps, depending on leverage ratio.

KeyBank NA is the administrative agent, and Keybanc Capital Markets, LLC is the sole bookrunner and lead arranger.

Proceeds are to be used to fund future self-storage property acquisitions.

The facility replaces a $71.3 million term loan facility with KeyBank as administrative agent.

Strategic Storage Trust II, Inc. is a public non-traded REIT based in Ladera Ranch, Calif., focused on income-producing self-storage facilities and related self-storage real estate investments.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.