StorageVault Updates Acquisition of $275 Million 38 Store Real Storage PortfolioApril 1, 2019
TORONTO, April 01, 2019 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce, further to its February 6th, 2019 news release, that it has received Competition Act approval, as well as the approval of the shareholders of Wilmington Capital Management Inc.
To assist StorageVault with the Real Storage acquisition (the “Acquisition”), and to refinance existing debt, StorageVault has signed an Indicative Term Sheet for a revolving credit facility for $320 million for a 3 year term (the “Credit Facility”). The Bank of Nova Scotia (“Scotiabank”) and TD Securities Inc. (“TD”) will act as Co-Lead Arrangers and Joint Bookrunners for the Credit Facility, with Scotiabank and The Toronto-Dominion Bank each seeking to commit $160 million upon funding of the Credit Facility. Scotiabank will be the Administrative Agent for the Credit Facility.
Upon funding, this Credit Facility will replace the remaining $83 million of outstanding indebtedness of the $270 million revolving credit facility announced on August 1, 2017.
There will be no common shares issued as part of the purchase price for the Acquisition.
The Acquisition is scheduled to close on or around April 15, 2019.
Completion of the Acquisition is subject to a number of closing conditions as set forth in the purchase agreement. The definitive credit agreement for the Credit Facility is expected to be signed on closing, however, there can be no assurance that it will be executed or that the Credit Facility will be completed as proposed, or at all. The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this news release.
ABOUT STORAGEVAULT CANADA INC.
StorageVault owns and operates 161 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 107 of these locations plus over 4,600 portable storage units representing over 6 million rentable square feet.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.