Contact Information: Company Contact: U-Store-It Trust Timothy M. Martin Chief Financial Officer (610) 293-5700
U-Store-It Completes Closing of $450M Credit Facility
| Source: U-Store-It Trust
WAYNE, PA--(Marketwire - December 8, 2009) - U-Store-It Trust (NYSE : YSI ) today announced that
it completed the closing of its previously announced $450 million secured
credit facility. The new facility consists of a $200 million secured term
loan and a $250 million secured revolving credit facility. The new credit
facility has a three year term. U-Store-It used the proceeds from the new
credit facility to repay outstanding balances under and to replace the
existing $450 million credit facility. At closing, the $200 million term
loan is outstanding and there are no outstanding draws on the revolver.
"The closing of this credit facility culminates an extraordinary year of
capital raising and de-levering for U-Store-It," said Christopher Marr,
President and Chief Investment Officer of U-Store-It Trust. "Our senior
management team has raised over $875 million in new capital and equity
through secured financings, a common stock issuance, strategic asset
dispositions and a joint venture," said Mr. Marr.
"2009 has been a transformative year for U-Store-It's balance sheet," said
Timothy Martin, Chief Financial Officer of U-Store-It Trust. "Through the
combined capital raising efforts throughout the year, U-Store-It is
positioned to meet all of its debt maturities through the end of 2012,
while significantly reducing the Company's overall leverage ratio."
"Closing this secured credit facility demonstrates the strength of
U-Store-It's relationships with our lenders in a difficult credit
environment," said Dean Jernigan, U-Store-It's Chief Executive Officer.
"We are extremely pleased with the confidence our lenders have in
U-Store-It Trust. We attracted both new lender participants and increased
commitments from many of our existing lender group. We couldn't be more
pleased with the final results," said Mr. Jernigan.
About the Company
U-Store-It Trust is a self-administered and self-managed real estate
investment trust. The Company provides self-storage solutions across the
country. U-Store-It owns and or manages 375 facilities across the United
States, and operates the U-Store-It Network, which consists of
approximately 547 additional
self-storage facilities. The Company's self-storage facilities, storage space and storage solutions are designed to offer
affordable, easily accessible, secure, and in most locations,
climate-controlled storage space for residential and commercial customers,
as well as boat storage and mini
storage. According to the 2009 Self Storage Almanac, U-Store-It Trust
is one of the top four owners and operators of self-storage facilities in
the U.S. For more information, visit www.ustoreit.com.
Forward-Looking Statements
Although the Company believes the expectations reflected in any
forward-looking statements in this press release are based on reasonable
assumptions, there can be no assurance that such expectations will be
achieved. You should not rely on our forward-looking statements because the
matters they describe are subject to known and unknown risks and
uncertainties that could cause the Company's future results, performance,
or achievements to differ significantly from the results, performance, or
achievements expressed or implied by such statements. Such risks are set
forth under the captions "Item 1A. Risk Factors" and "Forward-Looking
Statements" in our annual report on Form 10-K and under the caption "Item
2. Management's Discussion and Analysis of Financial Condition and Results
of Operations" (or similar captions) in our quarterly reports on Form 10-Q,
and described from time to time in the Company's filings with the SEC. For
forward-looking statements herein, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. The Company assumes no obligation
to update or supplement forward-looking statements that become untrue
because of subsequent events.