Sovran Self StorageInc. completed its $1.3 billion acquisitionof the private self-storage operator LifeStorage LP and detailed its rebrandingplans.
The company said it will change its corporate name to Life StorageInc. from Sovran Self Storage Inc. and will rebrand the 563 storage properties nowbranded Uncle Bob's Self Storage to Life Storage. Its ticker on the NYSE will beLSI instead of SSS. The rebranding is expected to take place in mid-August, withthe rebranding of the Uncle Bob's Self Storage properties beginning that month andcontinuing on a market-by-market basis until the 2017 second quarter.
Sovran's acquisition of LifeStorage was funded primarily withproceeds from a 6.9 million-share common stock offering, closed in May, and a sale in June of $600 million of 10-year notes with an interestrate of 3.5%.
The acquired facilities include 25 in Chicago; 19 in Texas; andthree each in Orlando, Fla., and Los Angeles. The acquisition also provides thecompany entry into Las Vegas with 17 facilities and into Northern California with10 facilities.
Wells Fargo Securities LLC served as lead financial adviser toSovran, and SunTrust Robinson Humphrey also served as a financial adviser. PhillipsLytle LLP and Hogan Lovells US LLP served as legal counsel to the company.
Citigroup Global Markets Inc. acted as exclusive financial adviserto LifeStorage and Latham & Watkins LLP served as its counsel.