Sovran Self Storage Inc., a real estate investment trust based in Buffalo, N.Y., has announced an increase in its line of credit from $75 million to $100 million and a provision allowing for its expansion to as much as $200 million.The REIT said the modification also provides for a decrease in the interest rate to the London interbank offered rate plus 0.9%; a one-year increase in the term to September 2007; the elimination of the facility's non-usage fee; and the imposition of a 20-basis-point facility fee. The lead arranger was Banc of America Securities, with participation by M&T Bank, PNC Bank, SunTrust, HSBC, Chevy Chase, and Citizens Bank. The REIT can be fund online at http://www.sovranss.com.
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