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Travers Smith LLP advises Safestore on a c. £233 million refinancing

Overview

Travers Smith LLP has advised longstanding client Safestore Holdings plc and its French business Une Pièce En Plus on a refinancing of its debt facilities.

The transaction involved a new US private placement of notes of £100 million and €58 million, and a $115 million shelf facility which can be drawn in sterling or euro. This is in addition to Safestore’s existing bank facilities and existing US private placement programme. The new notes will be issued in two phases to a selection of institutional investors in the UK and the US.

Safestore is the UK’s largest self-storage group with 161 stores at 30 April 2021, comprising 128 wholly owned stores in the UK, 29 wholly owned stores in the Paris region and four stores in Barcelona. In addition, the Group operates nine stores in the Netherlands and six stores in Belgium under a joint venture agreement with Carlyle. The Group provides storage to around c. 79,500 personal and business customers. This additional financing provides Safestore with further flexibility to target selected development and acquisition opportunities as they arise.

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 2019, 2017 and 2012.

The team was led by Partner Jamie Parish and Head of Real Estate Finance Danny Peel, supported by Associate Alastair Lowson and Trainee Will Legood.

Jamie Parish, Finance Partner commented: “We are delighted to have this opportunity to continue our longstanding relationship with Safestore. Varying degrees of COVID-19 lockdown restrictions have made the past year a challenging environment, but the inherent resilience of Safestore's business model and strong recent performance means it can look forward with optimism, with this significant addition to their financing capacity providing the opportunity to further grow the business."

Morrison & Foerster (UK) LLP advised Safestore on the new US private placement documentation, Eversheds Sutherland (International) LLP advised Safestore on real estate matters and 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.

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