Real estate investment trust (REIT) Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, announced a public offering of 1.2 million shares of common stock at $90.40 per share. The REIT upped the offering by 200,000 shares on Feb. 26, a day after it announced an offer of 1 million shares. Net proceeds are expected to be about $103.9 million, which the company will use to repay debt on an unsecured line of credit, officials said in a press release.
The offering is expected to close on March 3 and is subject to customary closing conditions. The company granted underwriters a 30-day option to buy up to an additional 180,000 shares, according to the release.
SunTrust Robinson Humphrey Inc. and Wells Fargo Securities are acting as joint book-running managers for the offering. PNC Capital Markets LLC is lead manager, and BB&T Capital Markets, HSBC Bank USA and Piper Jaffray Cos. are co-managers.
Sovran operates more than 500 facilities in 25 states, with a large presence in Texas. The company ranked No. 5 on the Inside Self-Storage 2014 Top-Operators List.
Sources:
- Uncle Bob’s Self Storage: Sovran Self Storage Announces Launch of a Public Offering of Common Stock
- Uncle Bob’s Self Storage: Sovran Self Storage Announces Pricing of Public Offering of 1,200,000 Common Shares
