Daily News: April 4, 2019

Scotiabank, TD Arrange $320MM Revolver for StorageVault


To assist StorageVault with its Real Storage acquisition, and to refinance existing debt, StorageVault has signed an indicative term sheet for a revolving credit facility for $320 million for a 3 year term. The Bank of Nova Scotia and TD Securities will act as co-lead arrangers and joint bookrunners for the credit facility, with Scotiabank and TD Bank each seeking to commit $160 million upon funding of the credit facility.

Scotiabank will also act as the administrative agent for the credit facility.

StorageVault Canada has received competition act approval, as well as the approval of the shareholders of Wilmington Capital Management.

Upon funding, this credit facility will replace the remaining $83 million of outstanding indebtedness of the $270 million revolving credit facility announced on August 1, 2017.

There will be no common shares issued as part of the purchase price for the acquisition. The acquisition is scheduled to close on or around April 15, 2019.

Completion of the acquisition is subject to a number of closing conditions as set forth in the purchase agreement.