CubeSmart (CUBE) prices $1.050 billion senior notes offering.

CubeSmart (CUBE) announced today that it has priced a total of $1.050 billion senior unsecured notes.  Proceeds will be used to provide acquisition financing for the $1.7 billion Storage West portfolio, which is expected to close in the fourth quarter.  The bond offering included:

• • • $550 million 2.250% senior unsecured notes due 2028.  The notes were priced to yield 2.325% or +85 bp to the treasury curve.
    • $500 million 2.500% senior unsecured notes due 2032.  The notes were priced to yield 2.587% or +100 bp to the treasury curve.

CubeSmart is a national owner/manager of self-storage properties with interests in 639 facilities in 24 states and the District of Columbia.  CUBE completed its IPO in 2004 and has a total market capitalization of approximately $12 billion.

11/18/2021