Extra Space Storage Inc. (EXR): debt financing — Extra Space Storage enters $4.5B credit agreement; revolver upsized to $3B, maturity 2029

Extra Space Storage Inc.

New $4.5B unsecured facility: $3.0B revolver due 2029, three term loans totaling $1.5B due 2026, 2028, 2029.
Facility replaces June 2023 credit agreement; capacity can be increased up to $5.5B.
Interest at SOFR plus margins from 0.70%-1.60% based on credit ratings; unsecured, guaranteed by the REIT.
Covenants include max leverage 60%, max secured debt 40%, min EBITDA/fixed charges 1.50x.
Proceeds for general corporate purposes, working capital, and acquisitions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Extra Space Storage Inc. incurred credit facility of up to $4.5 billion with U.S. Bank National Association at Term SOFR plus the applicable SOFR rate margin maturing August 21, 2029.

Instrument: credit facility
Principal: up to $4.5 billion
Counterparty: U.S. Bank National Association
Rate: Term SOFR plus the applicable SOFR rate margin
Maturity: August 21, 2029
Event: incurrence

Exact text from the filing

The Credit Agreement provides for aggregate borrowings of up to $4.5 billion, consisting of a senior unsecured revolving credit facility of $3.0 billion, due August 21, 2029

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316 debt financings filed in the last 30 days. Browse all debt financings →

Extra Space Storage Inc. filing history →

Source: SEC EDGAR

accession 0001289490-25-000017

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