Public Storage enters $1.5B unsecured revolver, replacing $500M facility

Public Storage

New $1.5B unsecured revolving credit facility matures June 12, 2027; can be extended up to one year.
Borrowing capacity can be increased by up to $1.0B additional commitments or term loans.
Interest based on SOFR plus margin of 0.65%-1.40% or base rate plus 0%-0.40% depending on credit rating.
Replaces prior $500M facility from April 2019; no outstanding borrowings at closing.
Financial covenants include max leverage, secured leverage, unsecured asset coverage, and debt service coverage.

Key facts

Extracted from this filing and checked against the source text.

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

Public Storage entered into Third Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other lenders and agents, arrangers and bookrunners party thereto valued at $1.5 billion (effective 2023-06-12).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other lenders and agents, arrangers and bookrunners party thereto
Value: $1.5 billion
Effective: 2023-06-12

Exact text from the filing

On June 12, 2023, Public Storage (the “Company”) entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other lenders and agents, arrangers and bookrunners party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Public Storage terminated Second Amended and Restated Credit Agreement (effective 2023-06-12).

Action: termination
Agreement: credit facility
Effective: 2023-06-12

Exact text from the filing

Item 1.02 Termination of a Material Definitive Agreement The information set forth under Item 1.01 is incorporated by reference into this Item 1.02.

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Public Storage filing history →

Source: SEC EDGAR

accession 0001193125-23-165399

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