By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 13 – Extra Space Storage LP sold $600 million of 2.35% guaranteed senior notes due March 15, 2032 at 99.797 on Monday, according to a news release.
A market source said the notes were being marketed with Treasuries plus 135 basis points area spread talk; however, spread details were not available at press time.
The notes will be guaranteed by Extra Space Storage Inc.
There will be a make-whole call until a number of months before the maturity date.
Wells Fargo Securities, LLC and PNC Capital Markets LLC were lead bookrunning managers.
J.P. Morgan Securities LLC, TD Securities (USA) LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc. and U.S. Bancorp Investments, Inc. were also listed as joint bookrunners.
Proceeds will be used to fund potential acquisition opportunities, to repay amounts outstanding from time to time under lines of credit and for other general corporate purposes and working capital purposes.
Extra Space Storage is a real estate investment trust formed to own, operate, manage, acquire, develop and redevelop self-storage properties, or stores. The issuer is based out of Salt Lake City.
| Issuer: | Extra Space Storage LP
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| Guarantors: | Extra Space Storage, Inc.
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| Issue: | Senior notes
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| Amount: | $600 million
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| Maturity: | March 15, 2032
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| Bookrunners: | Wells Fargo Securities, LLC, PNC Capital Markets LLC, J.P. Morgan Securities LLC, TD Securities (USA) LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc. and U.S. Bancorp Investments, Inc.
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| Co-managers: | Regions Securities LLC, Truist Securities, BOK Financial Securities, Inc., Citigroup, Fifth Third Securities, Ramirez & Co., Inc. and Zions Direct, Inc.
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| Coupon: | 2.35%
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| Price: | 99.797
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| Call features: | Make-whole call until some months prior to maturity
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| Trade date: | Sept. 13
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| Settlement date: | Sept. 22
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| Distribution: | SEC registered
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| Price talk: | $350 million at Treasuries plus 135 bps area
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