Summary
Extra Space Storage Inc. (EXR) filed an 8-K on June 8, 2018, to announce significant actions regarding its outstanding 2.375% Exchangeable Senior Notes due 2033. The company is offering noteholders the option to repurchase their notes, with the offer expiring on June 28, 2018. This repurchase option is a required step under the indenture. Concurrently, Extra Space Storage LP has elected to redeem all outstanding notes. The redemption is set for July 5, 2018, with a redemption price of 100% of the principal amount plus accrued interest. As of the filing date, approximately $11.5 million in aggregate principal amount of these notes remained outstanding. Investors should note that holders have the right to exchange their notes before July 2, 2018, in lieu of tendering them for repurchase or redemption.
Key Highlights
- 1Extra Space Storage Inc. is offering to repurchase its 2.375% Exchangeable Senior Notes due 2033.
- 2The repurchase offer is being made at the option of the noteholders and expires on June 28, 2018.
- 3The company also announced its intention to redeem all outstanding notes.
- 4The redemption date for the notes is July 5, 2018.
- 5The redemption price will be 100% of the principal amount plus accrued and unpaid interest.
- 6Approximately $11.5 million in aggregate principal amount of these notes was outstanding as of June 8, 2018.
- 7Noteholders have the option to exchange their notes for other securities prior to July 2, 2018.