Extra Space Storage Inc. Announces $1 Billion Commercial Paper Note Program
Extra Space Storage has established an unsecured commercial paper note program through its operating partnership, allowing for the issuance of up to $1 billion in commercial paper notes. The notes will rank equally with other unsecured senior debt and will be fully guaranteed by the company. The program is expected to provide cost benefits compared to the company's existing $2.0 billion revolving credit facility, which will serve as a liquidity backstop. The proceeds will be used for general corporate purposes.
Extra Space Storage ha istituito un programma di note commerciali non garantite attraverso la sua partnership operativa, consentendo l'emissione di fino a 1 miliardo di dollari in note commerciali. Le note avranno lo stesso rango di altre obbligazioni senior non garantite e saranno interamente garantite dalla società. Si prevede che il programma fornisca vantaggi in termini di costi rispetto all'attuale 2,0 miliardi di dollari di linea di credito revolving dell'azienda, che fungerà da supporto di liquidità. I proventi saranno utilizzati per scopi aziendali generali.
Extra Space Storage ha establecido un programa de notas comerciales no garantizadas a través de su sociedad operativa, permitiendo la emisión de hasta 1 mil millones de dólares en notas comerciales. Las notas tendrán el mismo rango que otras deudas senior no garantizadas y serán completamente garantizadas por la compañía. Se espera que el programa ofrezca beneficios de costos en comparación con la línea de crédito revolving existente de la compañía de 2,0 mil millones de dólares, que servirá como apoyo de liquidez. Los ingresos se utilizarán para fines corporativos generales.
엑스트라 스페이스 스토리지는 운영 파트너십을 통해 무담보 상업어음 프로그램을 구축하여 최대 10억 달러의 상업어음을 발행할 수 있도록 허용했습니다. 이 어음은 다른 무담보 수석 부채와 동일한 순위를 가지며 회사가 전적으로 보증합니다. 이 프로그램은 회사의 기존 20억 달러 규모의 리볼빙 신용시설과 비교하여 비용 절감 효과를 제공할 것으로 기대됩니다. 수익금은 일반 기업 목적에 사용될 예정입니다.
Extra Space Storage a mis en place un programme de billets commerciaux non garantis à travers son partenariat d'exploitation, permettant l'émission de jusqu'à 1 milliard de dollars en billets commerciaux. Les billets auront un rang égal à d'autres dettes senior non garanties et seront entièrement garantis par l'entreprise. Le programme devrait offrir des avantages en matière de coûts par rapport à la facilité de crédit renouvelable existante de 2,0 milliards de dollars, qui servira de soutien en matière de liquidité. Les recettes seront utilisées à des fins corporatives générales.
Extra Space Storage hat ein Programm für ungesicherte Commercial Paper-Noten über seine Betriebspartnerschaft eingerichtet, das die Emission von bis zu 1 Milliarde Dollar in Commercial Paper-Noten ermöglicht. Die Noten werden gleichrangig mit anderen ungesicherten Senior-Schulden sein und werden vollständig von dem Unternehmen garantiert. Es wird erwartet, dass das Programm Kostenvorteile im Vergleich zur bestehenden revolvierenden Kreditfazilität des Unternehmens in Höhe von 2,0 Milliarden Dollar bietet, die als Liquiditätsstütze dienen wird. Die Erlöse werden für allgemeine Unternehmenszwecke verwendet.
- Establishes new $1 billion financing option through commercial paper program
- Expected to reduce borrowing costs compared to existing credit facility
- Maintains $2.0 billion revolving credit facility as backup liquidity source
- Increases potential debt obligations
- Takes on additional financial leverage
Insights
This
The pari passu ranking with other senior debt maintains the company's straightforward capital structure, while the parent company guarantee adds an extra layer of security for investors. For a REIT with
Under the terms of the program, the operating partnership may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of
The Company expects to realize cost benefits in the commercial paper market versus its
The notes to be offered under the commercial paper note program have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the operating company's commercial paper note program.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in
For more information, please visit www.extraspace.com.
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SOURCE Extra Space Storage Inc.
FAQ
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