National Storage to Redeem Remaining Exchangeable Notes After Change of Control

National Storage REIT ( (AU:NSR) ) has provided an announcement.

National Storage Finance Pty Ltd has announced an optional redemption of its A$300 million 3.625% guaranteed exchangeable notes due 2029 after a change of control at National Storage REIT triggered extensive exchanges. With exchange rights exercised on more than 85% of the original principal, the issuer will redeem the remaining A$10.7 million of notes on 9 June 2026 at par plus accrued interest, implying a total payout of about A$10.79 million.

Noteholders can still exercise exchange rights until 20 May 2026 at a change-of-control exchange price of A$2.3870 per stapled security, versus a recent closing price of A$2.79, but the issuer plans to settle any remaining exchanges via a cash alternative. The move effectively winds down the outstanding exchangeable debt following the takeover, simplifying the group’s capital structure and providing clarity on exit terms for remaining noteholders.

The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.63 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.

More about National Storage REIT

National Storage REIT is the largest self-storage provider in Australia and New Zealand, operating more than 290 centres and serving over 100,000 residential and commercial customers. It is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange.

Average Trading Volume: 10,697,313

Technical Sentiment Signal: Buy

Current Market Cap: A$3.92B

See more data about NSR stock on TipRanks’ Stock Analysis page.