CubeSmart's operating partnership, CubeSmart, L.P., priced an offering of $450.0 million aggregate principal amount of 5.125% senior unsecured notes due 2035. The notes were priced at 98.656% of the principal amount, resulting in a yield to maturity of 5.295%.
The offering is expected to close on August 20, 2025, subject to customary closing conditions. The notes will be fully and unconditionally guaranteed by CubeSmart.
The operating partnership intends to use the net proceeds from this offering to repay outstanding indebtedness under its unsecured revolving credit facility. Remaining proceeds will be allocated for working capital and other general corporate purposes, potentially including the repayment or repurchase of other outstanding indebtedness.
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