Life Storage, Inc. Prices Offering of Senior Notes
May 22 2019 - 04:25PM
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 $350 million aggregate
principal amount of 4.000% Senior Unsecured Notes due 2029 (the
“Notes”). The Notes will be issued at 99.476% of par value with a
coupon of 4.000%. Interest on the Notes is payable semi-annually on
June 15 and December 15 of each year, commencing on December 15,
2019. The Notes will mature on June 15, 2029. The offering is
expected to close on June 3, 2019 subject to the satisfaction of
customary closing conditions.
The Operating Partnership expects to use net proceeds from this
offering to repay its $100 million unsecured term note maturing
June 4, 2020 and amounts outstanding under its unsecured line of
credit. Remaining proceeds will be used for general corporate
purposes. Citigroup Global Markets Inc., Wells Fargo Securities,
LLC and U.S. Bancorp Investments, Inc. acted as joint book-running
managers for the offering. SunTrust Robinson Humphrey, Inc., HSBC
Securities (USA) Inc., Jefferies LLC, and BB&T Capital Markets
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 the Company and the Operating
Partnership have filed with the SEC for more complete information
about the Company 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:
- Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at 1-800-831-9146 or by email at
prospectus@citi.com.
- 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 775 storage facilities in 28 states and Ontario,
Canada.
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version on businesswire.com: https://www.businesswire.com/news/home/20190522005832/en/
David DodmanPhone: (716) 229-8284Email:
ddodman@lifestorage.com
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