X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WAYNE, PA-U-Store-It Trust is closing its $450-million secured credit facility. The facility is comprised of a $200-million secured term loan and a $250-million secured revolving credit facility.

Timothy Martin, CFO of U-Store-It, in a statement says, “2009 has beena transformative year for U-Store-It’s balance sheet. Through the combined capital raising efforts throughout the year, U-Store-It is positioned to meet all of its debt maturities throught the end of 2012, while significantly reducing the company’s overall leverage ratio.” The senior management team, according to the company, raised over $875 million in new capital and equity through secured financings, a common stock issuance, strategic asset dispositions and a joint venture.

The proceeds will repay outstanding balances and replace the existing $450-million credit facility. Officially, the $200-million term loan is outstanding and there are no outstanding draws on the revolver.

The company recently moved its headquarters here from Cleveland, where it had moved most of its executive staff. The current HQ in Cleveland, measuring out at 8,500-square-feet, will reportedly be vacated by Dec. 31.

U-Store-It is a “self-administered and self-managed real estate investment trust,” according to its release. The hyphenated company provides self-storage solutions throughout the US with 375 facilities it manages and 547 U-Store-It branded facilities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.