Extra Space Storage announces $1B commercial paper note program

Extra Space Storage’s (EXR) operating partnership Extra Space Storage LP has established an unsecured commercial paper note program in the U.S. 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 $1B. The notes will rank pari passu with all of the operating partnership’s other unsecured senior indebtedness. The notes will be fully and unconditionally guaranteed by the company. Note proceeds will be used for general corporate purposes. The company expects to realize cost benefits in the commercial paper market versus its $2.0B revolving credit facility, and it expects to use its revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper program.