CubeSmart's operating partnership priced an underwritten public offering of $100.0 million of senior unsecured notes.
The offering comprises $50.0 million of 4.375% notes due Dec. 15, 2023, and $50.0 million of 4.000% notes due Nov. 15, 2025.
The company priced the 2023 notes at 105.040% of the principal amount and the 2025 notes at 101.343% of the principal amount, plus applicable interests.
The company said the operating partnership plans to use the net proceeds to fully repay outstanding debt incurred under the revolving portion of its credit facility. Any remaining net proceeds will go toward working capital and other general corporate purposes.
Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and U.S. Bancorp Investments Inc. are the joint book-running managers. Barclays Capital Inc., BMO Capital Markets Corp., PNC Capital Markets LLC, Regions Securities LLC and Stifel Nicolaus & Co. Inc. are the co-managers for the offering, which is expected to close April 4.