Sovran Self Storage Inc., a self-storage real estate investment trust (REIT) based in Buffalo, N.Y., has commenced a public offering of 3 million shares of common stock.

September 29, 2009

1 Min Read
Sovran Self Storage Offers 3M Shares of Common Stock

Sovran Self Storage Inc., a self-storage real estate investment trust (REIT) based in Buffalo, N.Y., has commenced a public offering of 3 million shares of common stock. The underwriters will be granted a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any.
 
Sovran intends to use the net proceeds from the offering to repay a portion of the company’s unsecured indebtedness and terminate one or more interest-rate swaps relating to the debt. The remaining proceeds, if any, will be used for general business purposes.
 
BofA Merrill Lynch is acting as sole book-running manager for the offering.
 
Sovran acquires, develops and manages self-storage facilities. The company owns or operates 383 stores under the "Uncle Bob's Self Storage" trade name in 24 states.

Related Articles:

Sovran Self Storage Releases 2Q 2009 Operating Results

Sovran Self Storage Reports First Quarter Operating Results

Fitch Downgrades and Places Sovran Self Storage on Rating Negative ...

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like