SOVRAN SELF STORAGE COMPLETES $500M FINANCING

BUFFALO, N.Y. — Buffalo-based Sovran Self Storage, Inc. has completed financing totaling $500 million of senior, unsecured debt. Sovran will use proceeds from a 10-year placed term note of $100 million as well as the proceeds from a 7-year, $125 million unsecured term loan to repay its $71 million outstanding on its line of credit and a $150 million term loan that matures in June 2012. A bank lending syndicate comprised of 10 lenders including M&T Bank, SunTrust Bank, U.S. Bank and Wells Fargo Bank has committed $100 million for a 7-year delayed draw note to provide Sovran funding to repay its maturing mortgage debt. Also, Sovran negotiated a $175 million, 5-year unsecured line of credit with an accordion feature of an additional $75 million and an extension provision of up to 2 additional years.