National Storage REIT (ASX:NSR) $300 million guaranteed exchangeable notes offering

National Storage REIT (ASX:NSR) has initiated an offering of A$300 million direct, unconditional, unsubordinated, and unsecured guaranteed exchangeable notes due 2029 through its subsidiary, National Storage Finance Pty Ltd. The Notes are exchangeable into NSR stapled securities, with the net proceeds intended for the repayment of existing financial indebtedness, financial flexibility for further growth, and general corporate purposes. NSR will apply for the Notes to be listed on the Official List of Singapore Exchange Securities Trading Limited (SGX-ST).

Founder and Managing Director's perspective on the offering

The Notes offering allows NSR to diversify funding sources, take advantage of attractive debt terms to reduce funding costs, and provide additional balance sheet flexibility to continue executing strategic initiatives.

Summary of National Storage REIT's guaranteed exchangeable notes offering

National Storage REIT (NSR) has launched a $300 million guaranteed exchangeable notes offering through its subsidiary, National Storage Finance Pty Ltd. The Notes are exchangeable into NSR stapled securities, with the net proceeds intended for the repayment of existing financial indebtedness, financial flexibility for further growth, and general corporate purposes. NSR will apply for the Notes to be listed on the Official List of Singapore Exchange Securities Trading Limited (SGX-ST). The offering is subject to completion of pricing, settlement, and satisfaction of customary conditions precedent. NSR reaffirms its FY25 underlying earnings guidance of a minimum of 11.8cps, assuming no material changes in market conditions or operating environments.