SmartStop Self Storage exercised $200 million of its accordion under its existing multi-currency credit facility with a syndicate of banks led by KeyBank, Wells Fargo, Citibank and Bank of Montreal. The increased commitment was entirely on the revolving portion of the credit facility. The credit facility now consists of a $450 million revolver and a $250 million term loan for a total commitment of $700 million. The accordion was also amended to permit expansion up to $1.05 billion, subject to certain conditions. The other terms and conditions of the credit facility remain unchanged.
“This upsized facility allows us to execute our strategic growth plans both in the U.S. and across the border in Canada,” H. Michael Schwartz, founder, chairman and CEO of SmartStop Self Storage, said. “With sizeable commitments from 11 existing as well as four new financial institutions, the syndicated facility was 2.3 times oversubscribed, a testament to SmartStop as a company and our tremendous team, as well as the performance of our best-in-class self-storage portfolio.”
KeyBanc Capital Markets and KeyBank served as joint lead arrangers and administrative agents for the credit facility. Wells Fargo Securities, Citibank and BMO Capital Markets acted as joint lead arrangers and co-syndication agents for the credit facility.