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Life Storage wraps up $350M senior unsecured notes offering

Life Storage LP, the operating partnership of self-storage real estate investment trust Life Storage Inc., completed its $350 million offering of 4.000% senior unsecured notes due June 15, 2029.

The issuer intends to use the approximately $344.9 million in net proceeds to repay a $100 million unsecured term note due June 4, 2020, and the outstanding amounts under an unsecured line of credit due March 10, 2023. The remaining balance will be used for general corporate purposes.

Affiliates of Citigroup Global Markets Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., SunTrust Robinson Humphrey Inc., HSBC Securities (USA) Inc. and BB&T Capital Markets are lenders under the unsecured line of credit and unsecured term loans of the REIT and its operating partnership.