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National Storage Affiliates upsizes credit facility to $1.28B

National Storage Affiliates Trust amended a credit agreement to increase the credit facility's borrowing capacity by $255.0 million for a total of approximately $1.28 billion, among other changes.

The amended credit facility grants the self-storage real estate investment trust an option to boost the total borrowing capacity to $1.75 billion.

The facility comprises a revolving line of credit that provides for a total borrowing commitment up to $500.0 million and is due in January 2024; a $125.0 million tranche A term loan facility due in January 2023; a $250.0 million tranche B term loan facility due in July 2024; a $225.0 million tranche C term loan facility due in January 2025; and a $175.0 million tranche D term loan facility due in July 2026.

KeyBank NA is the administrative agent.