National Storage operating partnership adds $125 million term loan E

By Wendy Van Sickle

Columbus, Ohio, Sept. 23 – National Storage Affiliates Trust operating partnership NSA OP, LP exercised a portion of the expansion option under its amended and restated credit agreement dated July 29, 2019 on Tuesday to provide a new tranche E term loan facility of $125 million, according to an 8-K filing made with the Securities and Exchange Commission.

The operating partnership has a remaining expansion option of up to $350 million.

The $1.4 billion credit facility comprises, in addition to the tranche E, a $500 million revolver; a $125 million tranche A term loan; a $250 million tranche B term loan; a $225 million tranche C term loan; and a $175 million tranche D term loan.

The tranche E loan matures on March 21, 2027.

It bears interest at Libor plus a margin ranging from 110 basis points to 155 bps, based on leverage. If the company achieves an investment-grade rating from at least two ratings agencies, it may elect to have ratings-based interest that would range from 80 bps to 160 bps above Libor.

National Storage Affiliates Trust is a real estate investment trust based in Greenwood Village, Colo.

© 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.