Extra Space Storage to price $300 million 10-year notes; price talk Treasuries plus 130 bps area

By Devika Patel and Cristal Cody

Knoxville, Tenn., May 5 – Extra Space Storage LP is expected to sell fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The offering features $300 million of notes due June 1, 2031 talked to yield in the 130 basis points area over Treasuries, according to a market source.

The notes feature a make-whole call initially and then a par call.

J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC 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.

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