MALVERN, Pa., Oct. 08, 2019 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced that its operating partnership, CubeSmart, L.P., priced an offering of $350.0 million aggregate principal amount of 3.000% senior unsecured notes due 2030 (the “Notes”) in an underwritten public offering. The Notes were priced at 99.623% of the principal amount with a yield to maturity of 3.043%. The Notes will be fully and unconditionally guaranteed by CubeSmart. The offering is expected to close on October 11, 2019, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the net proceeds to repay all of the outstanding indebtedness incurred under its unsecured revolving credit facility maturing in June 2024 and to use the remaining net proceeds for working capital and other general corporate purposes, which may include repayment or repurchase of other indebtedness.

Wells Fargo Securities, BofA Merrill Lynch and US Bancorp acted as joint book-running managers and representatives of the underwriters for this offering. Jefferies and Regions Securities LLC acted as joint book-running managers for this offering. Barclays, BB&T Capital Markets, BMO Capital Markets and Stifel acted as co-managers for this offering.

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. The Company’s self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.