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Extra Space Storage offers guaranteed notes via three bookrunners
By Mary-Katherine Stinson
Lexington, Ky., Jan. 16 – Extra Space Storage LP is planning to sell fixed-rate senior notes that will be guaranteed by Extra Space Storage Inc., according to a 424B5 filing with the Securities and Exchange Commission.
The notes will be optionally redeemable with a make-whole premium until a par call option is available to the issuer a number of months before the maturity date.
Wells Fargo Securities, LLC, TD Securities (USA) LLC and BofA Securities, Inc. are the joint bookrunners.
Computershare Trust Co., NA will be the trustee.
Latham & Watkins LLP, Venable LLP (Maryland law) and Verrill Dana LLP (Massachusetts law) are working as counsel for Extra Space. The underwriters are using Fried, Frank, Harris, Shriver & Jacobson LLP and Ballard Spahr LLP for Maryland law.
Extra Space intends to use approximately half of the net proceeds of this offering to repay a portion of its $400 million tranche 8 term loan and the remainder to repay amounts outstanding under the company’s lines of credit, and for other general corporate and working capital purposes, including funding potential acquisitions.
As of Jan. 16, Extra Space’s tranche 8 term loan bears interest at adjusted daily simple SOFR plus 85 basis points (6.33% as of Dec. 31) and matures on June 22, 2024.
The operating partnership’s lines of credit include a secured line of credit up to $140 million, of which approximately $43 million is drawn. It bears interest at SOFR plus 135 bps (6.73% as of Dec. 31) and matures on July 1, 2026. The partnership also has an unsecured line of credit with a capacity of up to $2 billion, of which approximately $662 million is drawn, which bears interest at adjusted daily simple SOFR plus 77.5 bps (6.26% as of Dec. 31), maturing on June 22, 2027.
The self-storage real estate investment trust has headquarters in Salt Lake City.
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