Extra Space Prices $600M Of 5.400% Senior Notes Due 2034
Portfolio Pulse from Benzinga Newsdesk
Extra Space Storage LP, the operating partnership of Extra Space Storage, has priced a public offering of $600 million of 5.400% senior notes due 2034. The notes were issued at 99.745% of the principal amount and are set to mature on February 1, 2034.
January 17, 2024 | 6:19 am
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NEUTRAL IMPACT
Extra Space Storage's operating partnership has successfully priced a significant debt offering, which could impact the company's financial leverage and interest expenses.
The pricing of the senior notes is a routine financial activity and indicates the company's ability to raise capital. However, it also increases the company's debt level, which could affect its financial leverage. The interest rate of 5.400% will impact the company's interest expenses going forward. The impact on the stock price is likely to be neutral in the short term as the market absorbs the news and evaluates the company's long-term financial strategy.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80