Public Storage Closes New Credit Facilities, Establishes Commercial Paper Program

MT Newswires Live06-26

$Public Storage(PSA-N)$ (PSA) said Thursday it has closed a new $3 billion unsecured revolving credit facility, replacing its previous $1.5 billion facility, as well as a new $500 million delayed draw term loan.

The revolving credit facility matures in June 2030, with options to extend it to June 2031. Meanwhile, the term loan can be drawn in up to four advances on or before Dec. 22 and matures in June 2031.

The company also established a $1 billion unsecured commercial paper program.

Public Storage said the new financial arrangements will boost its balance sheet and provide capital to fund acquisitions, development and redevelopment projects, lending, and other high-return opportunities.

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