Loan & DebtJun 25, 2026, 04:12 PM
Public Storage Secures $3.5B Credit Facilities, $1B CP Program
AI Summary
Public Storage announced the closing of new credit facilities and the establishment of a commercial paper program. The company secured a $3.0 billion unsecured revolving credit facility, an increase from the previous $1.5 billion facility, and a new $500 million delayed draw term loan facility. Additionally, Public Storage established a $1.0 billion unsecured commercial paper program. These actions are expected to strengthen the balance sheet, enhance liquidity, lower the cost of capital, and expand financial flexibility, aligning with the company's PS4.0 strategy.
Key Highlights
- Secured a new $3.0 billion senior unsecured revolving credit facility, replacing the prior $1.5 billion facility.
- Established a new $500 million senior unsecured delayed draw term loan facility.
- Launched a $1.0 billion unsecured commercial paper program.
- Revolving Credit Facility matures June 25, 2030, with extension options to June 25, 2031.
- Delayed Draw Term Loan Facility matures June 25, 2031.
- Includes an accordion feature to increase commitments by up to an additional $2.0 billion.
- Revolver interest rate is SOFR + 0.650%, a 15 basis point reduction from the previous facility.
Price Impact
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