secwatch.observer — SEC 8-K summary
======================================

Issuer:     Extra Space Storage Inc. (EXR)
CIK:        0001289490
Form:       8-K
Filed at:   2023-06-27T23:59:59+00:00
Accession:  0001193125-23-175502
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Extra Space Storage LP enters into $4.865B amended credit facility
------------------------------------------------------------------

- Aggregate borrowings of $4.865B: $1.94B revolving facility due June 20, 2027, and seven term loans from $175M to $1.0B with maturities through 2029.
- Term loans include Tranche 8 ($1.0B due June 22, 2024) and Tranche 7 ($425M due July 27, 2029); upsize option to $5.925B.
- SOFR-based interest rate margins range from 0.700% to 2.200% per annum depending on credit ratings; 0.10% credit spread adjustment added.
- Financial covenants: max total debt/total asset value 60% (65% post-material acquisition); adjusted EBITDA/fixed charges >=1.50x; secured debt <=40%.
- Guaranteed by Extra Space Storage Inc. and certain subsidiaries; unsecured; includes usual EOD provisions and cross-default triggers.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1289490/000119312523175502/0001193125-23-175502-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1289490/000119312523175502/d506248d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-175502

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer