CubeSmart to repay debt outstanding under revolver with note proceeds

By Tali Rackner

Norfolk, Va., Aug. 8 – CubeSmart, LP plans to repay all of the outstanding debt under the unsecured revolving portion of its credit facility maturing in April 2020 using the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Aug. 5, there was $173.5 million outstanding under the unsecured revolver.

Borrowings currently bear interest at Libor plus 125 basis points, based on the company’s unsecured debt ratings.

Proceeds from the bonds will also be used for working capital and other general corporate purposes, which may include repayment or repurchase of other debt.

CubeSmart is a Malvern, Pa.-based real estate investment trust focused on self-storage facilities.

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