Sovran Acquisition plans 10-year note offering to fund acquisition

By Lisa Kerner

Charlotte, N.C., June 13 – Sovran Acquisition LP plans to offer 10-year senior notes guaranteed by Sovran Self Storage, Inc., according to a 424B5 filed with the Securities and Exchange Commission.

Proceeds will be used to fund a portion of the company’s $1.3 billion acquisition of LifeStorage, LP.

The notes must be redeemed at 101% if the company’s acquisition is not completed by Dec. 15.

Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and US Bancorp are the bookrunners.

Sovran is a Buffalo, N.Y.-based real estate investment trust that is in the business of acquiring and managing self-storage facilities.

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