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Travers Smith advises Safestore on refinancing

Overview

Travers Smith LLP has advised longstanding client Safestore Holdings plc on the refinancing of its debt on improved terms.

Finance Partner Danny Peel, supported by Finance Senior Associate Jamie Parish and finance associate Taggio Price, advised Safestore and its French business Une Pièce En Plus on its £408 million refinancing, which was financed through a mixture of (i) amending and extending its bank facilities of £190 million and €70 million and (ii) prepaying and replacing its existing US private placement notes with a new US private placement of notes of €125 million and £50.5 million. The new notes were issued to insurance company affiliates of AIG, Inc. Completion of the refinancing took place in May 2017.

Safestore is the UK's largest self-storage group with 134 stores, comprising 109 wholly owned stores in the UK (including 63 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol) and 25 wholly owned stores in the Paris region.

Danny Peel, Finance Partner, commented: "We are delighted to have acted for Safestore on its most significant refinancing since 2012, improving both its cost of debt and weighted average debt maturity. Safestore's strong relationships with its bank syndicate and US private placement debt provider, AIG, contributed greatly to the success of this transaction. "

Morrison & Foerster (UK) LLP (Scott Ashton) advised Safestore on the new note purchase agreement and Eversheds Sutherland (International) LLP (Iftkhar Ahmed) advised Safestore on real estate matters. The bank syndicate was advised by Pinsent Masons LLP (Martin Bishop) and AIG was advised by Morgan Lewis & Bockius LLP (Chip Fisher).