Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
May 22 2019 - 04:36PM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Free Writing Prospectus
Registration Nos.
333-225620
and
333-225620-01
May 22, 2019
PRICING TERM SHEET
LIFE STORAGE LP
$350,000,000 4.000% Senior Notes due 2029
Fully and Unconditionally Guaranteed by Life Storage, Inc.
This pricing term sheet supplements, and should be read in conjunction with, the preliminary prospectus supplement dated May
22
, 2019 (the
Preliminary Prospectus Supplement) of Life Storage LP and the accompanying prospectus dated June
14, 2018 and the documents incorporated and deemed to be incorporated by reference therein.
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Issuer:
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Life Storage LP
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Guarantor:
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Life Storage, Inc.
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Expected Ratings: (Moodys / S&P)*
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Baa2 / BBB
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Security Type:
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Senior Unsecured Notes
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Pricing Date:
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May 22, 2019
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Settlement Date:
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June 3, 2019 (T+7). It is expected that the delivery of the notes will be made on or about the closing date specified on the cover page of the Preliminary Prospectus Supplement, which will be the seventh business day
following the date of the pricing of the notes (this settlement cycle being referred to as T+7). Under Rule
15c6-1
under the Securities Exchange Act of 1934, trades in the secondary market
generally are required to settle in two business days, unless the parties to such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date hereof or in the next four business days will be required, by virtue
of the fact that the notes initially will settle in T+7, to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and should consult their own advisor.
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Maturity Date:
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June 15, 2029
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Interest Payment Dates:
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June 15 and December 15 of each year, beginning on December 15, 2019 (long first coupon)
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Principal Amount:
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$350,000,000
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Public Offering Price:
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99.476% of the principal amount
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Benchmark Treasury:
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2.375% due May 15, 2029
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Benchmark Treasury Price / Yield:
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99-26+
/ 2.394%
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Spread to Benchmark Treasury:
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+167 basis points
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Filed Pursuant to Rule 433
Free Writing Prospectus
Registration Nos. 333-225620 and 333-225620-01
May 22, 2019
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Yield to Maturity:
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4.064%
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Coupon:
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4.000%
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Optional Redemption Provisions:
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Make-Whole Call:
Par Call:
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Prior to March 15, 2029, T+25 basis points
On or after March 15, 2029
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CUSIP / ISIN:
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53227J AB0 / US53227JAB08
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Joint Book-Running Managers:
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Citigroup Global Markets Inc.
Wells Fargo
Securities, LLC
U.S. Bancorp Investments, Inc.
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Co-Managers:
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SunTrust Robinson Humphrey, Inc.
HSBC
Securities (USA) Inc.
Jefferies LLC
BB&T Capital Markets,
a division of BB&T Securities, LLC
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*
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Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal at any time.
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Life Storage LP and Life Storage, Inc. have filed a registration statement (including a
preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the
prospectus in the registration statement and any other documents the issuer or guarantor has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data
base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and 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
; or U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor Charlotte, NC 28202, or by telephone at
1-877-558-2607.
Any
disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email
system.
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