Extra Space Announces Pricing of $800 Million of 4.950% Senior Notes due 2033
Extra Space Storage (NYSE: EXR) has announced the pricing of $800 million in senior notes due 2033 through its operating partnership. The notes carry a 4.950% interest rate and were priced at 99.739% of the principal amount, with maturity set for January 15, 2033.
The offering, expected to close around August 8, 2025, will be fully guaranteed by Extra Space and certain subsidiaries. The company plans to use the proceeds to repay outstanding amounts on its lines of credit and commercial paper program, as well as for general corporate purposes and potential acquisitions. Multiple financial institutions, led by J.P. Morgan, are serving as joint book-running managers for the offering.
Extra Space Storage (NYSE: EXR) ha annunciato il prezzo di 800 milioni di dollari in obbligazioni senior con scadenza nel 2033 tramite la sua partnership operativa. Le obbligazioni hanno un tasso di interesse del 4,950% e sono state emesse al 99,739% del valore nominale, con scadenza fissata al 15 gennaio 2033.
L'offerta, che si prevede si concluda intorno al 8 agosto 2025, sarà completamente garantita da Extra Space e da alcune sue controllate. La società intende utilizzare i proventi per rimborsare gli importi residui sulle linee di credito e sul programma di commercial paper, oltre che per scopi aziendali generali e potenziali acquisizioni. Diverse istituzioni finanziarie, guidate da J.P. Morgan, agiscono come joint book-running manager per l'offerta.
Extra Space Storage (NYSE: EXR) ha anunciado la fijación del precio de 800 millones de dólares en bonos senior con vencimiento en 2033 a través de su sociedad operativa. Los bonos tienen una tasa de interés del 4,950% y se emitieron al 99,739% del valor nominal, con vencimiento el 15 de enero de 2033.
Se espera que la oferta, que se cerrará alrededor del 8 de agosto de 2025, esté totalmente garantizada por Extra Space y ciertas subsidiarias. La compañía planea usar los ingresos para pagar los saldos pendientes en sus líneas de crédito y programa de papel comercial, así como para propósitos corporativos generales y posibles adquisiciones. Varias instituciones financieras, lideradas por J.P. Morgan, actúan como gestores conjuntos de la oferta.
Extra Space Storage (NYSE: EXR)는 운영 파트너십을 통해 2033년 만기 선순위 채권 8억 달러의 가격을 발표했습니다. 이 채권은 4.950%의 이자율을 가지며, 원금의 99.739% 가격으로 책정되었고, 만기는 2033년 1월 15일로 설정되었습니다.
이번 공모는 2025년 8월 8일경 마감될 예정이며, Extra Space와 일부 자회사가 전액 보증합니다. 회사는 조달 자금을 신용 한도 및 상업어음 프로그램의 미지급 금액 상환, 일반 기업 목적 및 잠재적 인수에 사용할 계획입니다. J.P. Morgan이 주도하는 여러 금융 기관이 공동 주관사로 참여하고 있습니다.
Extra Space Storage (NYSE : EXR) a annoncé le prix de 800 millions de dollars en obligations senior arrivant à échéance en 2033 via son partenariat opérationnel. Les obligations portent un taux d'intérêt de 4,950% et ont été émises à 99,739% du montant principal, avec une échéance fixée au 15 janvier 2033.
L'offre, dont la clôture est prévue aux alentours du 8 août 2025, sera entièrement garantie par Extra Space et certaines filiales. La société prévoit d'utiliser les fonds pour rembourser les montants en cours sur ses lignes de crédit et son programme de papier commercial, ainsi que pour des besoins généraux d'entreprise et d'éventuelles acquisitions. Plusieurs institutions financières, dirigées par J.P. Morgan, agissent en tant que co-managers du livre d'ordres pour cette émission.
Extra Space Storage (NYSE: EXR) hat die Preisfestsetzung von 800 Millionen US-Dollar Senior Notes mit Fälligkeit 2033 über seine Betriebspartnerschaft bekannt gegeben. Die Notes haben einen Zinssatz von 4,950% und wurden zu 99,739% des Nennwerts begeben, mit Fälligkeit am 15. Januar 2033.
Das Angebot, das voraussichtlich um den 8. August 2025 abgeschlossen wird, wird vollständig von Extra Space und bestimmten Tochtergesellschaften garantiert. Das Unternehmen plant, die Erlöse zur Rückzahlung offener Beträge aus seinen Kreditlinien und dem Commercial Paper-Programm sowie für allgemeine Unternehmenszwecke und potenzielle Akquisitionen zu verwenden. Mehrere Finanzinstitute unter der Leitung von J.P. Morgan fungieren als gemeinsame Bookrunning-Manager für das Angebot.
- Successful pricing of $800 million senior notes offering demonstrates strong market access
- Strategic debt refinancing opportunity with 4.950% interest rate
- Potential for expansion through acquisitions using proceeds
- Increased long-term debt obligation with $800 million notes due 2033
- Additional interest expense of 4.950% annually on the new notes
Insights
Extra Space secures $800M through 4.950% senior notes, strengthening its debt profile while preserving acquisition flexibility with minimal immediate financial impact.
Extra Space Storage has priced a substantial
The debt offering achieves two strategic objectives simultaneously. First, it enables Extra Space to refinance its existing revolving credit facilities and commercial paper program, likely consolidating short-term obligations into longer-term debt with a fixed interest rate. This term-out of the debt structure provides greater certainty in the company's interest expense through 2033, protecting against potential future rate increases.
Second, by replenishing its credit facilities, Extra Space preserves financial flexibility for opportunistic acquisitions in the self-storage sector. The sector has historically benefited from fragmented ownership structures, creating ongoing consolidation opportunities for well-capitalized market leaders like Extra Space.
The
The debt offering doesn't significantly alter Extra Space's overall financial position but does shift its maturity profile by extending obligations to 2033. While this increases long-term debt, it simultaneously enhances near-term liquidity through freed-up credit facilities that can be deployed for growth initiatives or held as a financial cushion during economic uncertainty.
The offering is expected to close on or about August 8, 2025, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.
The operating partnership intends to use the net proceeds from this offering to repay amounts outstanding from time to time under its lines of credit and its commercial paper program, and for other general corporate and working capital purposes, including funding potential acquisition opportunities.
The Notes will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue,
A prospectus supplement related to the offering will also be available free of charge on the SEC's website at http://www.sec.gov.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning the terms, timing and completion of the offering of securities by Extra Space and the operating partnership, including the anticipated use of proceeds therefrom. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Such risks and uncertainties include without limitation those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering of securities, as well as the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. All forward-looking statements apply only as of the date of this release. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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SOURCE Extra Space Storage Inc.
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