SmartStop Self Storage REIT, Inc. (SMA): debt financing — SmartStop Self Storage REIT closes $650M revolving credit facility, expandable to $1.5B

SmartStop Self Storage REIT, Inc.

New $650M revolving credit facility with accordion feature up to $1.5B; matures Feb 22, 2027 with one-year extension option.
Initial draw of ~$576M used to repay prior credit facility; interest at Daily Simple SOFR + 175 bps initially.
Facility was 1.5x oversubscribed with commitments from 12 financial institutions; KeyBank leads as administrative agent.
SmartStop can elect to release pledges and become unsecured upon meeting financial conditions, reducing credit spread.
Borrowings available in USD or CAD; supports growth plans in U.S. and Canada.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SmartStop Self Storage REIT, Inc. incurred credit facility of $650 million with KeyBank, National Association at 175 basis points over Adjusted Daily Simple SOFR maturing February 22, 2027.

Instrument: credit facility
Principal: $650 million
Counterparty: KeyBank, National Association
Rate: 175 basis points over Adjusted Daily Simple SOFR
Maturity: February 22, 2027
Event: incurrence

Exact text from the filing

The Credit Facility replaces the credit facility the Company entered into on March 17, 2021 (the “Prior Credit Facility”). The aggregate amount of the Credit Facility is $650 million. The Borrower has the right to increase the amount available under the Credit Facility by an additional $850 million, for a total potential maximum aggregate amount of $1.5

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SmartStop Self Storage REIT, Inc. entered into Credit Facility with KeyBank, National Association, as administrative agent and collateral agent, certain others listed as joint book runners, joint lead arrangers, syndication agents and documentation agents, and certain other lenders valued at $650 million (effective 2024-02-22).

Action: entry
Agreement: credit facility
Counterparty: KeyBank, National Association, as administrative agent and collateral agent, certain others listed as joint book runners, joint lead arrangers, syndication agents and documentation agents, and certain other lenders
Value: $650 million
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, SmartStop Self Storage REIT, Inc. (the “Company”), through its operating partnership (the “Borrower”), entered into an amended and restated revolving credit facility with KeyBank, National Association, as administrative agent and collateral agent, certain others listed as joint book runners, joint lead arrangers, syndication agents and documentation agents, and certain other lenders party thereto (the “Credit Facility”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

SmartStop Self Storage REIT, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-018975

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