Life Storage to sell senior notes due 2030 via two bookrunners

Chicago, Sept. 9 – Life Storage LP is planning to sell fixed-rate senior notes due 2030, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are guaranteed by Life Storage, Inc.

There will be a make-whole call and a par call. The par call date is 90 days prior to maturity.

Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. are the bookrunners.

Proceeds will be used to pay in full the company’s $100 million unsecured term note maturing Aug. 5, 2021 and amounts outstanding on its unsecured line of credit maturing March 10, 2023. The balance of proceeds will be used for future acquisitions of self-storage properties, including from third properties.

Life Storage is a Williamsville, N.Y.-based real estate investment trust that owns and manages self-storage properties.

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