New Issue: Extra Space sells $450 million 5.5% seven-year notes at 185 bps spread

By Wendy Van Sickle

Columbus, Ohio, June 12 – Extra Space Storage LP sold $450 million of 5.5% seven-year senior notes (Baa2/BBB) at 98.878 to yield 5.695% on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced with a Treasuries plus 185 basis points spread.

The notes feature a make-whole call with a Treasuries plus 30 bps premium until June 1, 2030 and then a par call.

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

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

Proceeds will be used to fund potential acquisition opportunities, to repay outstanding amounts 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
Guarantors:	Extra Space Storage, Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II
Amount:	$450 million
Issue:	Senior notes
Maturity:	July 1, 2030
Bookrunners:	Wells Fargo Securities, LLC, BMO Capital Markets Corp., TD Securities (USA) LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and BofA Securities, 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 and Venable LLP
Counsel to underwriters:	Fried, Frank, Harris, Shriver & Jacobson LLP with Ballard Spahr LLP for Maryland law
Coupon:	5.5%
Price:	98.878
Yield:	5.695%
Spread:	Treasuries plus 185 bps
Call features:	Make-whole call at Treasuries plus 30 bps until May 1, 2030; thereafter at par
Trade date:	June 12
Settlement date:	June 16
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered
Cusip:	30225VAK3

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