Life Storage, Inc. Prices Offering of Senior Notes
September 09 2020 - 4:30PM
Business Wire
Life Storage, Inc. (NYSE:LSI), a leading national owner and
operator of self storage properties, announced today that its
operating partnership, Life Storage LP (the “Operating
Partnership”), priced an offering of $400 million aggregate
principal amount of 2.200% Senior Unsecured Notes due 2030 (the
“Notes”). The Notes will be issued at 99.524% of par value with a
coupon of 2.200%. Interest on the Notes is payable semi-annually on
April 15 and October 15 of each year, commencing on April 15,
2021. The Notes will mature on October 15, 2030. The
Notes will be guaranteed by Life Storage, Inc. The offering
is expected to close on September 23, 2020 subject to the
satisfaction of customary closing conditions.
The Operating Partnership expects to use net proceeds from this
offering to repay in full its $100 million unsecured term note
maturing August 5, 2021, along with accrued interest and prepayment
fees related thereto, and amounts outstanding under its unsecured
line of credit. Remaining proceeds will be used for future
acquisitions of self storage properties and for general corporate
purposes. Wells Fargo Securities, LLC, U.S. Bancorp Investments,
Inc., Jefferies LLC and Truist Securities, Inc. acted as joint
book-running managers for the offering. Citigroup Global Markets
Inc., HSBC Securities (USA) Inc. and M&T Securities, Inc. acted
as co-managers for the offering.
The Operating Partnership has filed an effective registration
statement (including a prospectus supplement and accompanying
prospectus) with the Securities and Exchange Commission (the “SEC”)
relating to the offering to which this communication relates.
Before making an investment in the Notes, potential investors
should read the prospectus supplement, the accompanying prospectus
and the other documents that we and the Operating Partnership have
filed with the SEC for more complete information about us and the
offering. Potential investors may obtain these documents for free
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus supplement and
accompanying prospectus if you request it by contacting:
- Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention: WFS Customer Service, by
telephone at 1-800-645-3751 or by email at
wfscustomerservice@wellsfargo.com.
- U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th
Floor, Charlotte, NC 28202 or by telephone at 1-877-558-2607.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these Notes in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offer or sale of the Notes will be made
only by means of a prospectus supplement relating to the offering
of the Notes and the accompanying prospectus.
ABOUT LIFE STORAGE, INC:
Life Storage, Inc. is a self-administered and self-managed
equity REIT that is in the business of acquiring and managing
self-storage facilities. Located in Buffalo, New York, the
Company operates more than 875 storage facilities in 29 states and
Ontario, Canada. The Company serves both residential and
commercial storage customers with storage units rented by
month. Life Storage consistently provides responsive service
to approximately 475,000 customers, making it a leader in the
industry. For more information visit
http://invest.lifestorage.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200909006053/en/
Life Storage, Inc. David Dodman (716) 229-8284
ddodman@lifestorage.com
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