StorageVault Converts $172.5 Million of Variable Rate Debt into 10 Year Term Debt at 4.23%
TORONTO, Jan. 17, 2019 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that it has completed a $172.5 million 10 year term debt financing against 12 properties at a fixed annual interest rate of 4.23%. The proceeds from the term debt financing were used to reduce the amount outstanding under StorageVault’s $270 million variable interest credit facility, bringing the debt outstanding on this facility to $83 million.
“The term loan is consistent with our strategy to reduce our variable interest rate exposure by entering into long term fixed interest rate term debt and freeing up room on our credit facilities for future acquisitions.” said Iqbal Khan, StorageVault’s Chief Financial Officer. “This brings our long term debt to 78% of our total debt, improves our average term to maturity to over 5 years from 3 years and reduces our overall weighted interest rate by 10 basis points compared to the end of Q3 2018. We were very pleased to have worked with BMO who acted as the sole lead arranger and sole bookrunner for this term loan, as well with CIBC.”
About StorageVault Canada Inc.
StorageVault owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
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