National Storage Affiliates Trust Announces Pricing of Public Offering of $150 Million of 6.000% Series A Cumulative Redeemab...
October 03 2017 - 4:03PM
Business Wire
National Storage Affiliates Trust (the "Company") (NYSE: NSA)
today announced the pricing of its underwritten public offering of
6,000,000 of its 6.000% Series A Cumulative Redeemable Preferred
Shares of Beneficial Interest for total estimated gross proceeds of
approximately $150 million. The Company has also granted the
underwriters a 30-day option to purchase up to an additional
900,000 of its 6.000% Series A Cumulative Redeemable Preferred
Shares of Beneficial Interest solely to cover overallotments, if
any.
The Company expects to close the offering on or about October
11, 2017, subject to the satisfaction of customary closing
conditions. The Company intends to use the net proceeds from the
offering to repay amounts outstanding under its revolving line of
credit. The Company expects to redraw on its revolving line of
credit from time to time to invest in future acquisitions of self
storage properties, including acquisitions it currently has under
contract.
Wells Fargo Securities, Morgan Stanley and Jefferies are acting
as joint book-running managers for the offering. BMO Capital
Markets, Capital One Securities, KeyBanc Capital Markets, Baird and
US Bancorp are acting as senior co-managers for the offering.
A registration statement relating to these common shares has
been declared effective by the Securities and Exchange Commission
("SEC"). The offering will be made only by means of a preliminary
prospectus supplement and accompanying prospectus. Copies of the
final prospectus supplement and accompanying prospectus related to
the offering can be obtained (when available) by visiting the SEC
website at www.sec.gov or by contacting:
- Wells Fargo Securities, LLC, 608
2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS
Customer Service, by calling (800) 645-3751 or
emailing wfscustomerservice@wellsfargo.com; or
- Morgan Stanley & Co. LLC,
180 Varick Street, 2nd Floor, New York, New York 10014, Attention:
Prospectus Department.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of
these securities 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.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland real estate
investment trust focused on the ownership, operation and
acquisition of self-storage properties located within the top 100
metropolitan statistical areas throughout the United States.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements
are intended to be covered by the safe harbor provided by the same.
Forward-looking statements are subject to substantial risks and
uncertainties, many of which are difficult to predict and are
generally beyond the Company's control. These forward-looking
statements include information about possible or assumed future
results of the Company's business, financial condition, liquidity,
results of operations, plans and objectives. Changes in any
circumstances may cause the Company's actual results to differ
significantly from those expressed in any forward-looking
statement. When used in this release, the words "believe,"
"expect," "anticipate," "estimate," "plan," "continue," "intend,"
"should," "may" or similar expressions are intended to identify
forward-looking statements. Statements regarding the following
subjects, among others, may be forward-looking: market trends in
the Company's industry, interest rates, the debt and lending
markets or the general economy; the Company's business and
investment strategy; and the acquisition of properties, including
the timing of acquisitions. For a further list and description of
such risks and uncertainties, see the Company's preliminary
prospectus supplement dated October 3, 2017 and Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
February 28, 2017, and the other documents incorporated by
reference into the Company's registration statement. The
forward-looking statements, and other risks, uncertainties and
factors are based on the Company's beliefs, assumptions and
expectations of its future performance, taking into account all
information currently available to the Company. Forward-looking
statements are not predictions of future events. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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National Storage Affiliates TrustInvestor/Media
RelationsMarti Dowling, 720-630-2624Director - Investor
Relationsmdowling@nsareit.net
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