Montreal Mini-Storage obtains C$185 million syndicated revolver

Chicago, Oct. 19 – Entreposage Montreal Mini-Storage entered into a C$185 million revolving credit facility, the company reported in a press release.

The facility has a four-year term, with no amortization for the first two years.

There is also the potential for expansion under an accordion, subject to the company’s earnings.

The multitranche revolver is divided into three parts, according to use of proceeds.

A portion of the total facility will be used to refinance existing mortgages. A second tranche is earmarked for growth and acquisition opportunities. And, the third facility is designated for general corporate purposes.

Bank of Nova Scotia led the transaction as agent.

The syndicate includes HSBC Bank Inc. and Canadian Watern Bank Inc.

The borrower noted that it also signed for a separate C$35 million financing with Scotiabank-affiliated Roynat Capital, with that revolver to be used to stabilize properties and fund construction capital expenditures.

Montreal Mini-Storage operates more than 10,000 self-storage unites in Quebec and is a subsidiary of Avenir Properties.

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