Published on 3/22/2022 in the Prospect News Investment Grade Daily.
New Issue: Extra Space Storage prices $400 million 3.9% seven-year notes
By Wendy Van Sickle
Columbus, Ohio, March 22 – Extra Space Storage LP priced $400 million of 3.9% seven-year senior notes at 99.885 on Tuesday, according to a news release.
The notes feature a make-whole call initially and then a par call.
BofA Securities Inc., Citigroup Global Markets Inc., TD Securities (USA) LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp. and U.S. Bancorp Investments Inc. are the bookrunners.
The notes are guaranteed by Extra Space Storage Inc.
Proceeds will be used for potential acquisitions, to repay debt under the company’s lines of credit and for other general corporate and working capital purposes.
The retirement savings, investment and insurance products company is based in Des Moines.
| Issuer: | Extra Space Storage LP
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| Guarantor: | Extra Space Storage Inc.
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| Amount: | $400 million
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| Issue: | Senior notes
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| Maturity: | April 1, 2029
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| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., TD Securities (USA) LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp. and U.S. Bancorp Investments Inc.
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| Co-managers: | Truist Securities, Inc., Regions Securities LLC, BOK Financial Securities, Inc., Fifth Third Securities Inc., BNP Paribas Securities Corp., Zions Capital Markets and Samuel A. Ramirez & Co., Inc.
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| Trustee: | Computershare Trust Co., NA
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| Counsel to issuer: | Latham & Watkins LLP, Venable LLP and Verrill Dana LLP
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| Counsel to underwriters: | Fried, Frank, Harris, Shriver & Jacobson LLP and Ballard Spahr LLP
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| Coupon: | 3.9%
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| Price: | 99.885
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| Call option: | Make-whole call, then par call
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| Pricing date: | March 22
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| Settlement date: | March 31
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