By Angela McDaniels
Tacoma, Wash., April 8 - Sovran Self Storage, Inc. issued $175 million of 4.533% 10-year series E senior term notes in a private placement, according to a company news release.
M&T Bank was the placement agent.
The company will use proceeds to repay the $115 million outstanding on its line of credit and to fund future property acquisitions.
The interest rate on the notes is the lowest in the company's history, chief financial officer Andy Gregoire said in the news release.
Sovran is a Buffalo-based real estate investment trust that acquires and manages self-storage facilities.
| Issuer: | Sovran Self Storage, Inc.
|
| Issue: | Series E senior term notes
|
| Amount: | $175 million
|
| Term: | 10 years
|
| Coupon: | 4.533%
|
| Price: | Par
|
| Yield: | 4.533%
|
| Agent: | M&T Bank
|
| Announcement date: | April 8
|
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