Public Storage has closed a new $3.0 billion unsecured revolving credit facility, a $500 million delayed draw term loan, and established a $1.0 billion unsecured commercial paper program. The new revolver replaces the company's previous $1.5 billion facility that was set to mature in June 2027, and it matures in June 2030 with extension options through June 2031. Borrowings under the revolver bear interest at SOFR plus 0.650%, a 15-basis-point reduction from the prior facility, while the term loan, available to be drawn in up to four advances by December 2026 and maturing in June 2031, will bear interest at SOFR plus 0.700%. The credit documentation also includes an accordion feature allowing up to $2 billion in additional commitments. President and CFO Joe Fisher said the moves strengthen the balance sheet, enhance liquidity, lower the cost of capital, and expand financial flexibility in line with the company's PS4.0 strategy.
Public StoragePublic Storage upsized its revolver to $3B, added a $500M term loan and $1B CP program, lowering borrowing costs and enhancing liquidity.