StorageVault Announces $50 Million Bought Deal Offering of 5.60% Senior Unsecured Hybrid Debentures

Core Viewpoint - StorageVault Canada Inc. has announced an agreement to issue $50 million in senior unsecured hybrid debentures, with an option for an additional $7.5 million, to fund debt repayment, potential acquisitions, and general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of listed senior unsecured hybrid debentures due December 31, 2030, priced at $1,000 each [1]. - The expected closing date for the offering is around November 28, 2025 [1]. - The debentures will bear an interest rate of 5.60% per annum, payable semi-annually, with the first payment scheduled for June 30, 2026 [4]. Group 2: Use of Proceeds - Net proceeds from the offering will be used to pay down bank debt, which may be re-drawn for the redemption of existing debentures, fund future acquisitions, and for general corporate purposes [2]. Group 3: Debt Structure - The debentures will rank subordinate to all existing and future senior secured indebtedness and will be structurally subordinated to obligations of StorageVault's subsidiaries [3]. - The debentures will not be redeemable before December 31, 2028, and can be redeemed at a premium or at par depending on the timing of the redemption [5]. Group 4: Regulatory and Compliance - The offering is subject to customary regulatory approvals, including those from the Toronto Stock Exchange [6]. - A preliminary short form prospectus will be filed with securities regulatory authorities in Canada [6]. Group 5: Company Overview - StorageVault operates 265 storage locations across Canada, owning 232 of these locations and over 5,000 portable storage units, totaling over 13.2 million rentable square feet [8].