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Travers Smith advises Safestore on its refinancing

Overview

Travers Smith LLP has advised longstanding client Safestore Holdings plc and its French business Une Pièce En Plus on its c. £595 million refinancing.   

The Travers Smith team was led by Senior Associate Jamie Parish and Head of Real Estate Finance Danny Peel, supported by Associate Alastair Lowson.

The transaction involved a new US private placement of notes of £65 million and €70 million in addition to Safestore’s existing bank facilities and existing US private placement programme. The new notes were issued to a selection of institutional investors in the UK and the US.

Safestore is the UK's largest and Europe’s second largest provider of self-storage solutions with 150 stores and over 60,000 customers. Its principal operations are located in the UK with further stores in Europe.

This refinancing is the latest in a number of matters where Safestore has instructed Travers Smith, including previous significant refinancings and US private placements in 2017 and 2012, and the acquisition of Alligator Self Storage in 2017.

Danny Peel, Finance Partner commented: “We are delighted to once again support Safestore on its refinancing. We have established a strong relationship with Safestore over a number of years and developed an in-depth knowledge of their financing arrangements. This, combined with Safestore’s relationships with its bank syndicate and both its existing and new US private placement investors, contributed to a smooth and successful transaction.”

Morrison & Foerster (UK) LLP advised Safestore on the new note purchase agreement and Eversheds Sutherland (International) LLP advised Safestore on real estate matters. Jeantet advised Safestore on matters of French law. The bank syndicate was advised by Pinsent Masons LLP and US private placement investors were advised by Akin Gump Strauss Hauer & Feld LLP and Morgan Lewis & Bockius LLP.