CUBESMART HAS PRICED $ 450.0 MILLION OF SENIOR UNSECURED NOTES DUE 2035, CARYING A 5.125% COUPON AND PRICED AT 98.656% OF MAIN TO YIELD 5.295% AT ISSUANCE. The Notes Will Be Fully and Unconditionally Guaranteed by Cubesmart and Are Expecta to Close on August 20, 2025, Subject to Customary Conditions.
PROCEDS ARE EARMARKED TO REPAY BORROWINGS UNDER THE COMPANY’S UNSECURED RECULING CREDIT FACILITY AND FOR GENERAL CORPORATE PURPOSES, WHICH MAY INCLUDE REPAYMENT OR REPURCHASE OF OTHER OUTSTANDING INSPECTEDNESS.
Wells Fargo Securities, Bofa Securities, and PNC Capital Markets are Joint Bookrunners, With Regions and Us Bancorp As Senior Co-Managers; Additional Co-Managers Include Barclays, BMO Capital Markets, Citizens JMP, Goldman Sachs, and Truist Securities.
The Pricing Aligns with Recent Self-Storage Reit Debt Activity in The 2035 Matury Bucket, Reflecting Sector Access to Intermediate-Term Funding at Mid-5% Area Yields in Current Markets.
Cubesmart’s Offering follows A PERIOD OF STABLE OPERATING PERFORMANCE AND UPDATED GUIDANCE COMMENTARY THRUH Q2 2025, WITH THE COMPANY EMPHASIZING BALANCE SHEET FLEXIBILITY AND DISCIPLINED CAPITAL ALLOCATION IN RESTORE DISCLESURES.
The ISSUANCE EXTENDS CUBESMART’S DEBT LADDER WHILE POTENTIALLY LOWERING CLOSING REMAINS CONTINENT ON MARKET AND TRANSPACIONAL CONDIONS TYPICAL FOR PUBLIC BOND OFFERINGS.
