CubeSmart to repay $100 million term loan via notes offering proceeds

By Tali David

Minneapolis, Dec. 10 - CubeSmart, LP plans to repay $100 million of outstanding debt under the unsecured term loan portion of its credit facility maturing in 2014 with the proceeds from a senior notes offering, according to a 424B5 filed with the Securities and Exchange Commission.

Proceeds will also be used to repay a portion of the outstanding debt incurred under the revolving portion of the credit facility.

As of Monday, there was $100 million outstanding under the term loan portion and $161 million outstanding under the revolving portion of the facility.

Crane is a Stamford, Conn.-based diversified manufacturer of highly engineered industrial products.

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