Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Strategic Storage Trust VI, Inc. incurred credit facility of CAD$127.2 million with National Bank of Canada at 1 month Canadian Dollar Offered Rate ("CDOR"), plus 2.6% maturing June 15, 2025.
- Instrument
- credit facility
- Principal
- CAD$127.2 million
- Counterparty
- National Bank of Canada
- Rate
- 1 month Canadian Dollar Offered Rate ("CDOR"), plus 2.6%
- Maturity
- June 15, 2025
- Event
- incurrence
Exact text from the filing
On June 15, 2023, Strategic Storage Trust VI, Inc. (the "Company"), through certain wholly-owned subsidiaries (the "Borrowers"), entered into a CAD$127.2 million financing with National Bank of Canada ("National Bank") as administrative agent and certain other lenders party thereto (the "Lenders") pursuant to a credit agreement (the "Secured Loan").
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M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.95
Strategic Storage Trust VI, Inc. completed an acquisition involving Cityview, Esandar, Lakeshore, Sheridan, Sanford, Appleby (sellers of the Ontario Portfolio) for purchase price of approximately CAD$212 million, plus closing costs and an acquisition fee to our Advisor, funded with a combination of proceeds from the Compan (closed 2023-06-19).
- Action
- acquisition
- Counterparty
- Cityview, Esandar, Lakeshore, Sheridan, Sanford, Appleby (sellers of the Ontario Portfolio)
- Consideration
- purchase price of approximately CAD$212 million, plus closing costs and an acquisition fee to our Advisor, funded with a combination of proceeds from the Compan
- Closing
- 2023-06-19
Exact text from the filing
On June 19, 2023, the Company closed on the purchase of the Ontario Portfolio for a purchase price of approximately CAD$212 million, plus closing costs and an acquisition fee to our Advisor, which was funded with a combination of proceeds from the Company's public offering, proceeds from Series B Preferred Equity, proceeds from the Secured Loan, which is described in Item 2.03 below, and an unsecured bridge loan in the amount of $15 million from an affiliate of the sponsor of the Company.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Strategic Storage Trust VI, Inc. entered into Secured Loan with Lenders valued at Secured loan of CAD $127.2 million notional, interest rate CDOR+2.6% fixed via swap at 4.73%, two-ye (effective 2023-06-15).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Lenders
- Value
- Secured loan of CAD $127.2 million notional, interest rate CDOR+2.6% fixed via swap at 4.73%, two-ye
- Effective
- 2023-06-15
Exact text from the filing
As described in Item 1.01, above, on June 15, 2023, the Company entered into the Secured Loan with the Lenders. The Secured Loan is secured by a first mortgage on each property in the Ontario Portfolio. Pursuant to the loan agreement for the Secured Loan (the “Loan Agreement”), the interest rate is equal to the 1 month Canadian Dollar Offered Rate (“CDOR”), plus 2.6%. In addition, we entered into an interest rate swap agreement with a notional amount of CAD $127.2 million, whereby the CDOR is fixed at 4.73%. The Loan has an initial term of two years, maturing on June 15, 2025. The Loan is interest-only for the first year, payable monthly, and payments of principal and interest, calculated using a 25 year amortization, are due monthly after.
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