U-Store-It Trust gets $450 million amended and restated facility

By Sara Rosenberg

New York, Oct. 4 - U-Store-It Trust closed on a $450 million amended and restated unsecured credit facility due Dec. 7, 2013, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Wells Fargo and Bank of America acted as the joint lead arrangers and joint bookrunners on the deal that was completed on Sept. 29.

The facility consists of a $200 million term loan and a $250 million revolver, with initial pricing set at Libor plus 350 basis points.

Pricing on the facility ranges from Libor plus 325 bps to 375 bps based on leverage. If the company receives an investment-grade rating, then pricing will range, depending on the rating, from Libor plus 190 bps to 300 bps.

Covenants include leverage, liquidity and net worth tests.

Proceeds were used to replace the company's existing $450 million credit facility.

U-Store-It Trust is a Wayne, Pa.-based real estate investment trust that engages in the ownership, operation, acquisition, and development of self-storage facilities.

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