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Life Storage to sell $450 million senior notes due 2031; price talk Treasuries plus 120 bps area
By Marisa Wong and Cristal Cody
Los Angeles, Sept. 28 – Life Storage LP plans to price senior notes due 2031 guaranteed by parent company Life Storage, Inc., according to a 424B5 filing with the Securities and Exchange Commission.
The $450 million notes due Oct. 15, 2031 are talked to yield in the 120 basis points area over Treasuries, a market source told Prospect News.
Wells Fargo Securities, LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. are the joint bookrunners.
The notes will feature a make-whole call and then a par call. The par call date will be 90 days prior to the maturity date.
Proceeds will be used for general corporate purposes, which may include funding future acquisitions of self-storage properties and repaying debt.
The real estate investment trust owns and manages self-storage properties and is based in Williamsville, N.Y.
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