New Issue: CubeSmart prints $300 million of 3.125% 10-year senior notes with 160 bps spread

By Cristal Cody

Eureka Springs, Ark., Aug. 8 – CubeSmart, LP priced a $300 million offering of 3.125% 10-year senior notes on Monday with a spread of 160 basis points over Treasuries, according to a FWP filing with the Securities and Exchange Commission.

The notes due Sept. 1, 2026 (Baa2/BBB/) priced at 99.504 to yield 3.183%.

Wells Fargo Securities, LLC, Barclays and Jefferies LLC were the bookrunners.

The notes are fully and unconditionally guaranteed by CubeSmart.

Proceeds will be used to repay outstanding debt under the company’s revolving portion of its credit facility due in April 2020 and for working capital and other general corporate purposes.

CubeSmart is a real estate investment trust that owns, manages, operates and develops self-storage facilities.

Issuer:	CubeSmart, LP
Description:	Senior notes
Amount:	$300 million
Maturity:	Sept. 1, 2026
Bookrunners:	Wells Fargo Securities, LLC, Barclays and Jefferies LLC
Co-managers:	BofA Merrill Lynch, RBC Capital Markets, LLC, Regions Securities LLC, Stifel, Nicolaus & Co., Inc. and U.S. Bancorp Investments, Inc.
Coupon:	3.125%
Price:	99.504
Yield:	3.183%
Spread:	Treasuries plus 160 bps
Trade date:	Aug. 8
Settlement date:	Aug. 15
Call feature:	Before June 1, 2026 at greater of par and Treasuries plus 25 bps; thereafter at par
Ratings:	Moody’s: Baa2
	Standard & Poor’s: BBB
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.