Canada : Storagevault announces amendment and restatement of $24 million credit agreement with bank of Montreal

STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that, further to a press release dated April 24, 2012, it has entered into an amended and restated credit agreement (the “Credit Agreement”) with Bank of Montreal (“BMO”), which amends and restates the terms of its existing credit agreement with BMO. Pursuant to the Credit Agreement, BMO has agreed to make available to StorageVault credit facilities in the amount of up to $24 million. Such credit facilities are comprised of: (i) a $20 million revolving credit facility for re-financing of existing term debt and for future acquisition of self storage facilities; (ii) a $2 million revolving credit facility for expansion of PUPS portable storage facilities; (iii) a $1 million revolving credit facility for the purchase of equipment associated with the operation of PUPS; and (iv) a treasury risk management facility subject to a limit of $1 million

Financing under the terms of the Credit Agreement is subject to a number of customary and usual conditions for this type of transaction, including but not limited to: (i) satisfactory completion of loan, security and account documentation, and lender due diligence; (ii) satisfactory compliance by StorageVault with financial and non-financial covenants normally applicable to transactions of this nature; and (iii) compliance by StorageVault with all material laws, including environmental regulations. There is no assurance that StorageVault will be able to satisfy all terms and conditions of the Credit Agreement that are required in order to be eligible to drawdown funds under the credit facilities.