Facility Dispatch
SmartStop closes a C$200 million Maple bond at about 4.317% due 2031
Why this matters: our read
The money went to existing debt, so this is a refinancing of the balance sheet, not new growth capital. The BBB rating is what let a listed REIT raise fixed-rate money in Canada.
SmartStop Self Storage REIT said in an August 18 release that it closed CAD $200 million of Series C Senior Unsecured Notes, due February 18, 2031, as Inside Self Storage also reported. The company said its operating partnership, SmartStop OP, L.P., issued the notes at a rate of approximately 4.317% a year, paid in cash twice a year from February 18, 2027. It said Morningstar DBRS rates the notes BBB with a Stable Outlook.
The company called this its third Maple Bond, a senior unsecured bond sold in Canada. It said it used the net proceeds to repay existing debt, including amounts drawn on its revolving credit facility, and for general corporate purposes.
Chief executive H. Michael Schwartz said the company has substantially completed refinancing its 2026 debt maturities and materially termed out its senior revolver balance.
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- SmartStop Self Storage REIT, Inc.
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- SmartStop Closes Canadian Maple Bond Offering for CAD $200 Million
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- Published by
- Inside Self Storage
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- Secondary source
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- SmartStop Self Storage REIT Closes Maple Bond Offering at $200M CAD
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