New Issue: Extra Space sells $600 million 5.9% seven-year notes at 150 bps spread

By Wendy Van Sickle and Cristal Cody

Columbus, Ohio, Nov. 27 – Extra Space Storage LP sold $600 million of 5.9% seven-year senior notes (Baa2/BBB+) at 99.712 to yield 5.948% on Monday, according to an FWP filing with the Securities and Exchange Commission and additional details from a market source.

The notes priced with a Treasuries plus 150 basis points spread versus talk in the 180 bps area.

J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., BMO Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc. are the bookrunners.

The notes are guaranteed by Extra Space Storage, Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II.

The retirement savings, investment and insurance products company is based in Des Moines.

Issuer:	Extra Space Storage LP
Guarantors:	Extra Space Storage, Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II
Amount:	$600 million
Issue:	Senior notes
Maturity:	Jan. 15, 2031
Bookrunners:	J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., BMO Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc.
Co-managers:	Regions Securities LLC, BOK Financial Securities, Inc., Huntington Securities, Inc., Scotia Capital (USA) Inc., Zions Direct, Inc., Citigroup Global Markets Inc., Fifth Third Securities, Inc., Academy Securities, Inc. and Samuel A. Ramirez & Co., Inc.
Trustee:	Computershare Trust Co., NA
Counsel to issuer:	Latham & Watkins LLP, Venable LLP (Maryland law) and Verrill Dana LLP (Massachusetts law)
Counsel to underwriters:	Fried, Frank, Harris, Shriver & Jacobson LLP with Ballard Spahr LLP for Maryland law
Coupon:	5.9%
Price:	99.712
Yield:	5.948%
Spread:	Treasuries plus 150 bps
Call features:	Make-whole call at Treasuries plus 25 bps until Nov. 15, 2030; thereafter at par
Trade date:	Nov. 27
Settlement date:	Dec. 1
Ratings:	Moody’s: Baa2
	S&P: BBB+
Distribution:	SEC registered
Price talk:	Treasuries plus 180 bps area
Cusip:	30225VAR8

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