Shurgard Raises $200 Million Through Unsecured Bond Offering.

Business Editors

SEATTLE--(BUSINESS WIRE)--Feb. 15, 2001



Shurgard Storage Centers, Inc. (NYSE:SHU), a leading self-storage

real estate investment trust (REIT), today announced that it had sold

$200 million of senior unsecured notes due 2011. The notes were offered

under SEC Rule 144A.



The notes have a ten year term to maturity, a coupon rate of 7.75%,

and were issued with registration rights to holders of the notes.

Proceeds from sale of the notes are expected to be available to the

Company on February 20, 2001. Shurgard intends to use the proceeds to

pay down the approximately $161 million balance on the Company's

line of credit and for other general corporate purposes.



The notes being sold have not been registered under the Securities

Act of 1933, as amended, and may not be offered or sold in the United

States absent registration or an applicable exemption from registration

requirements.



About Shurgard Storage Centers, Inc.



Shurgard Storage Centers, Inc. is a fully integrated,

self-administered, self-managed real estate investment trust (REIT)

headquartered in Seattle, Washington. The Company specializes in all

aspects of the self-storage industry and operates a network of over 431

storage centers located throughout the United States and Europe.

Shurgard is followed by security analysts at leading institutions. For

additional information visit www.shurgard.com or refer to the

Company's Form 8-K filed with the SEC.



COPYRIGHT 2001 Business Wire



No portion of this article can be reproduced without the express written permission from the copyright holder.



Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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