CubeSmart (CUBE) prices $450 million senior unsecured notes.

CubeSmart (CUBE) announced today that it has priced a $450 million offering of 2.00% senior unsecured notes due 2031.  The notes were priced at a discount to yield 2.10%, or +145 to the treasury curve.  The company said that proceeds would be used to redeem its outstanding $250 million 4.8% senior notes due 2022 and repay borrowings under the revolving credit facility.

CubeSmart (CUBE) is a national owner/manager of self-storage properties with interests in 610 facilities in 24 states and the District of Columbia. The company also manages an additional 636 locations for third-party owners, bringing the total managed portfolio to over 1,240 properties. Key markets for CUBE include metro NYC, Chicago, Miami and Dallas-Fort Worth. CubeSmart completed its IPO in 2004 and has a total market capitalization of approximately $7.2 billion.


09/29/2020