Self-storage real estate investment trust Extra Space Storage Inc. and its operating partnership agreed to issue $300 million of senior notes in a private placement.
Extra Space Storage LP will use the proceeds from the issuance, slated to occur July 17, to refinance existing debt and for general corporate purposes. The notes will pay 4.39% semiannually every Jan. 17 and July 17 through the July 17, 2028, due date.
J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. were the joint book runners and active joint lead placement agents, while Jefferies LLC was a passive joint lead placement agent.
TD Securities (USA) LLC, BBVA Securities Inc. and BNP Paribas Securities Corp. were co-managers, with Latham & Watkins LLP as the company's outside legal counsel in the transaction.
