secwatch.observer — SEC 8-K summary
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Issuer:     Public Storage (PSA)
CIK:        0001393311
Form:       8-K
Filed at:   2023-06-12T23:59:59+00:00
Accession:  0001193125-23-165399
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/0001193125-23-165399-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/d518836d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-165399

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