LONDON, April 25, 2021 /PRNewswire/ -- For decades, foreign professionals have played a key role in building the economies of Gulf states like the UAE. Almost 90 percent of the country's population is expatriate. However, with a forecasted economic downturn due to the coronavirus pandemic and record low oil prices, a growing number of expatriates are continuing to uproot. The data firm Oxford Economics estimates that the UAE could lose 900,000 jobs among a population of under 10 million, meaning some 10 percent of its residents could be uprooted during the ongoing pandemic. To minimise the exodus, UAE authorities recently announced plans to offer citizenship to select foreigners based on several criteria. Nonetheless, foreigners must be nominated by UAE royals or officials, and the country's Cabinet would get the final say. The new policy is a big deal, but the specific details of the offering are yet to be seen, said Micha Emmett, the CEO of CS Global Partners, a London-based government advisory. "The pathway to citizenship for expatriates is limited in scope as they have no agency to apply for citizenship in the UAE. It is more of a feel-good story than a driver of economic returns or one that presents security to the UAE's foreign workforce.""Without adequate access to citizenship rights, social welfare benefits, protection against expulsion by authorities and constant reliance on employment visas, expatriates are looking to more promising citizenship avenues like Caribbean Citizenship by Investment Programmes," she said. Emmett added that CS Global Partners' office in the Middle East has also seen an increased interest in economic citizenship programmes like that of St Kitts and Nevis, which does not have any travel, residency or language requirements. The St Kitts and Nevis Citizenship by Investment Programme has long been regarded as the Platinum Standard of the industry and is known for its discreet approach, streamlined processing, and strict due diligence procedures. The Sustainable Growth Fund option is particularly popular amongst larger families who often have additional dependants, both children and grandchildren, to add to their application. Under a limited time offer, families of up to four can gain citizenship for US$150,000 instead of US$195,000. After passing a strict vetting process and applying for a passport, new citizens gain the right to live, work, and travel to some of the most sought-after business hubs across the globe world.
"Citizenship by Investment can be the perfect Plan B to gain control and security for your family and your finances in difficult times like this pandemic. You don't have to wait for Royals to choose you. You get to decide," Emmett firstname.lastname@example.org, www.csglobalpartners.comSOURCE CS Global Partners
The rules remove a restriction that prohibited CDS and CLN from being linked to instruments other than non-financial corporate debt.
Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self storage properties, announced today that its operating partnership, Life Storage LP (the "Operating Partnership”), priced an offering of $400 million aggregate principal amount of 2.200% Senior Unsecured Notes due 2030 (the "Notes”). The Notes will be issued at 99.524% of par value with a coupon of 2.200%. Interest on the Notes is payable semi-annually on April 15 and October 15 of each year, commencing on April 15, 2021. The Notes will mature on October 15, 2030. The Notes will be guaranteed by Life Storage, Inc. The offering is expected to close on September 23, 2020 subject to the satisfaction of customary closing conditions.
The Operating Partnership expects to use net proceeds from this offering to repay in full its $100 million unsecured term note maturing August 5, 2021, along with accrued interest and prepayment fees related thereto, and amounts outstanding under its unsecured line of credit. Remaining proceeds will be used for future acquisitions of self storage properties and for general corporate purposes. Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc., Jefferies LLC and Truist Securities, Inc. acted as joint book-running managers for the offering. Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and M&T Securities, Inc. acted as co-managers for the offering.
The Operating Partnership has filed an effective registration statement (including a prospectus supplement and accompanying prospectus) with the Securities and Exchange Commission (the "SEC”) relating to the offering to which this communication relates. Before making an investment in the Notes, potential investors should read the prospectus supplement, the accompanying prospectus and the other documents that we and the Operating Partnership have filed with the SEC for more complete information about us and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it by contacting:
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, by telephone at 1-800-645-3751 or by email at email@example.com.
U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, NC 28202 or by telephone at 1-877-558-2607.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Notes in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering of the Notes and the accompanying prospectus.
ABOUT LIFE STORAGE, INC:
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 875 storage facilities in 29 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 475,000 customers, making it a leader in the industry. For more information visit https://invest.lifestorage.com.
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