On January 30, 2019, CubeSmart, L.P. and CubeSmart completed the issuance and sale of $350.0 million in aggregate principal amount of the Operating Partnership's 4.375% senior notes due February 15, 2029 (the Notes) and the Company's related full and unconditional guarantees of the payment of principal, the make-whole premium, if any, and interest on the Notes (the Guarantees). The net proceeds to the Operating Partnership from the sale of the Notes, after deducting the underwriters' discount and estimated transaction expenses payable by the Company, are approximately $345.0 million. The Operating Partnership intends to use the net proceeds from this offering to repay $200.0 million of outstanding indebtedness incurred under the unsecured term loan portion of the Company's credit facility maturing in January 2019 and for working capital and other general corporate purposes, which may include repayment or repurchase of other indebtedness. The Notes and the Guarantees were issued pursuant to the indenture, dated as of September 16, 2011 (the Indenture), among the Company, the Operating Partnership and U.S. Bank National Association, as trustee (the Trustee), as supplemented by the Sixth Supplemental Indenture, dated as of January 30, 2019 (the Sixth Supplemental Indenture), among the Company, the Operating Partnership and the Trustee. The Notes accrue interest at the rate of 4.375% per annum, with interest payable in cash semi-annually in arrears on February 15 and August 15 of each year. The Notes accrue interest from and including January 30, 2019, and will be payable beginning August 15, 2019.