U-Store-It makes $161.2M from public offering

NEW YORK — Self storage company U-Store-It Trust said Wednesday it made $161.2 million from a public offering of 32.2 million common shares.

The Wayne, Pa.-based company said it would use the proceeds to pay off debt and for general corporate purposes.

The shares were offered at $5.25 each. U-Store-It has 60.66 million shares outstanding. Its stock gave up 12 cents Wednesday and closed at $5.74 a share.

The company offers self-storage solutions at its 383 facilities around the country and the U-Store-It Network, which includes about 310 additional storage facilities.