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Extra Space Storage obtains $100 million credit facility
New York, Sept. 15 - Extra Space Storage Inc. obtained a $100 million secured revolving credit facility via lenders led by Wells Fargo Bank NA at Libor plus 175 basis points.
The facility is initially secured by 16 self-storage properties.
It matures on Sept. 9, 2007 with an option to extend for one year.
Other lenders on the facility are Bank of America NA, LaSalle Bank NA, U.S. Bank NA and Wachovia Bank NA.
Extra Space Storage, a Salt Lake City self-storage real estate investment trust, will use proceeds for general corporate purposes.
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