U-Store-It Trust, a national self-storage operator and real estate investment trust, will begin a public offering of 22 million shares, the company announced this week. The Wayne, Pa.-based company plans to use net proceeds from the sale to repay existing debt, including part of the outstanding balance under the company's unsecured credit facility. The offering price and other terms will be determined by the company and underwriters, who will be granted a 30-day option to buy up to 3.3 million additional shares. Bank of America Merrill Lynch and Wells Fargo Securities will serve as the joint book-running managers for the offering.
Source: Yahoo! Finance, Self-storage owner U-Store-It will offer 22 million shares in a public offering