Public Storage closes $3.0B revolver, $500M term loan, establishes $1.0B commercial paper program

Public Storage

Revolver upsized from $1.5B to $3.0B; matures June 25, 2030 with extension options.
New $500M delayed draw term loan facility available through Dec 22, 2026; matures June 25, 2031.
New $1.0B unsecured commercial paper program, fully backstopped by revolver capacity.
Interest rate on revolver reduced 15 bps to SOFR + 0.650% based on current credit ratings.
Accordion feature allows up to $2B additional commitments subject to lender approval.

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