Public Storage Opens $300M Credit Line

According to a Dec. 29 filing with the Securities and Exchange Commission, Public Storage Inc. has entered into a credit agreement with Wells Fargo Bank to borrow $300 million. The loan proceeds are being added to the company’s current revolving credit and cash to pre-pay the obligations of affiliate Shurgard Self Storage SCA under 325 million collateralized notes.
 
The initial interest rate on the Public Storage credit line will be the London interbank offered rate plus 0.30 percent. The company’s borrowings are due April 1, 2007, and it expects to refinance outstanding amounts with more long-term financing on or before that date. For more information, visit www.publicstorage.com.