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Life Storage unit wraps up $450M senior notes offering

Life Storage Inc.'s operating partnership closed its $450 million offering of senior notes due Dec. 15, 2027, for estimated net proceeds of roughly $443.8 million.

The notes will carry a 3.875% annual interest rate, payable in cash semiannually in arears every June 15 and Dec. 15, starting June 15, 2018.

Life Storage LP aims to use the net proceeds to repay $225 million of principal owing under a $325 million unsecured term note due June 4, 2020, and associated swap breakage fees. The remaining funds will be used to settle amounts outstanding under an unsecured line of credit due Dec. 10, 2019.