The operating partnership of self-storage real estate investment trust Life Storage Inc. priced a $350 million offering of 4.000% senior unsecured notes due 2029.
The notes will be issued at 99.476% of par value with a coupon of 4.000%. Interest on the notes is payable semiannually on June 15 and Dec. 15, starting Dec. 15. The offering is expected to close June 3, subject to customary closing conditions.
The operating partnership, Life Storage LP, will use the net proceeds to repay its $100 million unsecured term note maturing June 4, 2020, and the outstanding amounts under its unsecured line of credit. The remaining capital will be intended for general corporate purposes.
Citigroup Global Markets Inc., Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. were joint book-running managers for the offering. SunTrust Robinson Humphrey Inc., HSBC Securities (USA) Inc., Jefferies LLC and BB&T Capital Markets were co-managers for the offering.