Extra Space Announces Pricing of $400 Million of 3.900% Senior Notes due 2029
SALT LAKE CITY, UT (STL.News) Extra Space Storage Inc. (“Extra Space”) (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the “operating partnership”), has priced a public offering of $400 million aggregate principal amount of 3.900% senior notes due 2029 (the “Notes”). The Notes were priced at 99.885% of the principal amount and will mature on April 1, 2029. BofA Securities, Citigroup, TD Securities, J.P. Morgan, PNC Capital Markets LLC, Wells Fargo Securities, BMO Capital Markets, and US Bancorp are acting as the joint book-running managers for the offering. Truist Securities, Inc., Regions Securities LLC, BOK Financial Securities, Inc., Fifth Third Securities, BNP PARIBAS, Zions Capital Markets, and Ramirez & Co., Inc. are acting as co-managers for the offering. The offering is expected to close on or about March 31, 2022, subject to customary closing conditions. The Notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.
The operating partnership intends to use the net proceeds of this offering to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its lines of credit, and for other general corporate and working capital purposes.
The Notes will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale is not permitted. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, may be obtained from BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention: Prospectus Department, Email: firstname.lastname@example.org; c/o Citigroup Global Markets Inc., 1155 Long Island Avenue, Edgewood, New York 11717, Attention: Broadridge Financial Solutions, Email: email@example.com; or TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11th Floor, New York, New York 10017, Attention: Transaction Management Group, Email: USTMG@tdsecurities.com. A prospectus supplement related to the offering will also be available free of charge on the SEC’s website at http://www.sec.gov.