PSA Refinances Credit Facility
Public Storage refinances credit facility with $3.0B unsecured revolving credit and $500M delayed draw term loan
Revolver: $3.0B total commitments, borrowings in US dollars and certain foreign currencies; matures June 25th, 2030 (extension options through June 25th, 2031). - Term Loan: $500M delayed draw term loan available in up to four advances on or prior to December 22nd, 2026; matures June 25th, 2031. - Revolver accordion: up to $2B increase in total commitments or additional term loans, subject to additional lender commitments. - Interest: Revolver SOFR +0.650% (15 bps lower than prior facility); Term Loan SOFR +0.700%, with spreads adjustable based on credit ratings. - Commercial paper: $1.0B unsecured commercial paper program; notes rank pari passu with other senior unsecured debt and are fully and unconditionally guaranteed by Public Storage. - Wells Fargo Bank, National Association serves as agent; Wells Fargo Securities, BofA Securities, and JPMorgan acted as joint bookrunners.