Mini Mall Storage Properties closes C$650 million senior unsecured debenture offering
On January 30, 2025, Mini Mall Storage Properties Trust (“Mini Mall”) closed an offering of C$350 million aggregate principal amount of Series C senior unsecured debentures and C$300 million aggregate principal amount of Series D senior unsecured debentures, for a total issuance of C$650 million. The Series C debentures and Series D debentures mature on January 30, 2028 and July 30, 2031, respectively. The debentures were offered on a private placement basis in each of the provinces of Canada jointly led by RBC Capital Markets and BMO Capital Markets.
The Series C debentures bear interest at a fixed annual rate of 4.161% per annum and the Series D debentures bear interest at a fixed annual rate of 5.034% per annum, payable in equal semi-annual installments in arrears on January 30 and July 30 in each year, commencing on July 30, 2026, until maturity, unless redeemed at an earlier date. The Debentures rank equally with all other unsecured and unsubordinated indebtedness of Mini Mall.
Net proceeds from the offering will be used by Mini Mall to refinance existing indebtedness, including indebtedness incurred in connection with previously announced acquisitions, fund the acquisition of additional properties, and for general corporate purposes.
Further information can be found on Globe Newswire’s website.
Mini Mall is the self-storage fund of Avenue Living, owns and operates over 12.9 million square feet of self-storage space, while its agriculture fund manages 50,000 acres of farmland.
Avenue Living is a property owner/operator with over C$9 billion in assets under management across more than 50 markets in Canada and the United States.