By Wendy Van Sickle
Columbus, Ohio, Nov. 9 – National Storage Affiliates Trust’s operating partnership, NSA OP, LP, entered into an agreement to issue $450 million of notes in a private placement, according to a news release.
The company agreed to issue $75 million of 2.72% senior notes due Nov. 30, 2030; $175 million of 2.81% senior notes due Nov. 30, 2031; $125 million of 2.96% senior notes due Nov. 30, 2033; and $75 million of 3.06% senior notes due Nov. 30, 2036 in a private placement to certain institutional investors.
In aggregate, the notes have a weighted average maturity of 11.2 years and a weighted average coupon of 2.88%.
Funding of the senior notes due 2031 is expected to occur on or before Dec. 31, subject to customary closing conditions.
Funding of the remaining senior notes is expected to occur on or before Jan. 28.
National Storage plans to use proceeds to repay existing debt related to the acquisition of various properties and for general corporate purposes.
National Storage is a Maryland real estate investment trust focused on ownership, operation and acquisition of self-storage properties in metropolitan statistical areas throughout the United States.
| Issuer: | National Storage Affiliates Trust
|
| Issue: | Senior notes
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| Amount: | $450 million
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| Announcement date: | Nov. 9
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| Distribution: | Private placement
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|
| 2030 notes
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| Amount: | $75 million
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| Maturity: | Nov. 30, 2030
|
| Coupon: | 2.72%
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|
|
| 2031 notes
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| Amount: | $175 million
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| Maturity: | Nov. 30, 2031
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| Coupon: | 2.81%
|
|
|
| 2033 notes
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| Amount: | $125 million
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| Maturity: | Nov. 30, 2033
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| Coupon: | 2.96%
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|
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| 2036 notes
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| Amount: | $75 million
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| Maturity: | Nov. 30, 2036
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| Coupon: | 3.06%
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