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

By Sara Rosenberg

New York, Dec. 8 - U-Store-It Trust closed on a $450 million three-year amended and restated secured credit facility on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.

Wells Fargo and Bank of America acted as the joint lead arrangers and bookrunners on the deal, and Wachovia is the administrative agent.

The facility consists of a $200 million term loan and a $250 million revolver, with both tranches initially priced at Libor plus 350 basis points with a 1.5% Libor floor. Pricing on the loans can range from Libor plus 325 bps to 400 bps based on leverage.

Proceeds were used to replace and repay outstanding balances under the company's previous $450 million unsecured credit facility.

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

© 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.