CubeSmart Announces Pricing of 2.000% Senior Unsecured Notes Due 2031

CubeSmart

MALVERN, PA — CubeSmart (NYSE: CUBE) announced that its operating partnership, CubeSmart, L.P., priced an offering of $450.0 million aggregate principal amount of 2.000% senior unsecured notes due 2031 in an underwritten public offering.

The Notes were priced at 99.074% of the principal amount with a yield to maturity of 2.100%. The Notes will be fully and unconditionally guaranteed by CubeSmart. The offering is expected to close on October 6, 2020, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the net proceeds to redeem all of its outstanding 4.800% Senior Notes due 2022, to repay all of the outstanding indebtedness incurred under its unsecured revolving credit facility maturing in June 2024 and for working capital and other general corporate purposes, which may include funding acquisitions and other investment opportunities and the repayment or repurchase of existing indebtedness.

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The Company’s announcement does not constitute a notice of redemption under the indenture governing such 4.800% Senior Notes due 2022.

Wells Fargo Securities, Barclays and Jefferies acted as joint book-running managers for this offering. BofA Securities, Regions Securities LLC, US Bancorp, BMO Capital Markets, Stifel, and Truist Securities acted as co-managers for this offering.

This offering was made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and related prospectus supplement.

Interested parties may obtain copies of these documents without charge from the SEC at www.sec.gov. Alternatively, you may request copies of these materials by contacting Wells Fargo Securities, LLC, by calling toll-free 1-800-645-3751 or by emailing [email protected], by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, by email at [email protected] or by calling 1-800-603-5847, or by contacting Jefferies LLC, Investment Grade Debt Capital Markets, by emailing [email protected] or by calling 1-877-877-0696.

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The Company’s announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

CubeSmart, headquartered in Malvern, PA,  is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,261 self-storage properties across the United States.

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