Real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, has elected to increase the borrowing limit on a revolving credit line from $300 million to $500 million. The company will use the financial flexibility to fund expansion plans, according to a press release.
“The expansion of our line enhances our ability to execute our growth plans and further increases our liquidity position," said Andy Gregoire, chief financial officer. "It is also evidence of continued lender confidence in our platforms, our credit profile and in the strength of our properties.”
Other than expanding the credit line, all other material terms and conditions remain unchanged, and the bank credit will mature in December 2019, the press release stated. Wells Fargo Securities LLC and M&T Bank acted as joint lead arrangers in the transaction.
Sovran operates more than 500 self-storage facilities in 25 states, with a large presence in Texas. Its portfolio of owned and managed facilities comprises more than 36 million square feet.
- Uncle Bobâ€™s Self Storage: Sovran Self Storage Inc. Announces Expansion of Revolving Credit Line to $500 Million