DIGITAL REALTY TRUST, INC. (DLR): debt financing — Digital Realty closes $740M unsecured term loan due March 2025

DIGITAL REALTY TRUST, INC.

Term loan facility of $740M; matures March 31, 2025, with one 12-month extension option at 0.1875% fee.
Interest at SOFR plus margin (0.95% at closing); margins tied to debt ratings, ranging 0.80%-1.60% before extension.
Proceeds for general corporate purposes; voluntary prepayment allowed without penalty; amounts cannot be reborrowed.
Guaranteed by parent Digital Realty Trust, Inc. and certain subsidiaries; subject to financial covenants including unencumbered assets ratio.
Distribution to stockholders restricted during an event of default, with exceptions to maintain REIT status.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

DIGITAL REALTY TRUST, INC. incurred term loan of $740 million with Bank of America, N.A. as administrative agent and lenders at SOFR-based with applicable margin of 0.95% per annum maturing March 31, 2025.

Instrument: term loan
Principal: $740 million
Counterparty: Bank of America, N.A. as administrative agent and lenders
Rate: SOFR-based with applicable margin of 0.95% per annum
Maturity: March 31, 2025
Event: incurrence

Exact text from the filing

On January 9, 2023, the terms and conditions of the Escrow Agreement were satisfied, and, on such date, the Term Loan was deemed executed and became effective. The Term Loan Agreement provides for a $740 million senior unsecured term loan facility (the “Term Loan Facility”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DIGITAL REALTY TRUST, INC. entered into Term Loan Agreement with Bank of America, N.A., as administrative agent, certain lenders, and Arnold & Porter Kaye Scholer LLP, as escrow agent valued at $740 million (effective 2023-01-09).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, certain lenders, and Arnold & Porter Kaye Scholer LLP, as escrow agent
Value: $740 million
Effective: 2023-01-09

Exact text from the filing

On January 9, 2023, the terms and conditions of the Escrow Agreement were satisfied, and, on such date, the Term Loan was deemed executed and became effective.

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DIGITAL REALTY TRUST, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-008415

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