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DIGITAL REALTY TRUST, INC.

(DLR)
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Digital Realty Completes Refinancing with New Sustainability-Linked Global Revolving Credit Facilities

11/22/2021 | 06:31am EST

AUSTIN, Texas, Nov. 22, 2021 /PRNewswire/ -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today it has amended, extended, and upsized its existing global revolving credit facility from $2.35 billion to $3.0 billion

Pricing was tightened by five basis points at the BBB / Baa2 senior unsecured debt rating, the maturity date was extended by three years, and total availability was expanded by $650 million.  The new $3.0 billion global revolving credit facility matures in January 2027, assuming the exercise of two six-month extension options.  In addition, Digital Realty has the ability to upsize the facility by up to $1.5 billion

The global revolving credit facilities now feature a sustainability-linked pricing component, with pricing subject to adjustment based on annual performance targets, further demonstrating the company's continued leadership and commitment to sustainable business practices. 

Digital Realty also amended and extended its existing ¥33.3 billion (approximately $290 million) Japanese yen-denominated revolving credit facility.  The ¥33.3 billion revolving credit facility also matures in January 2027, assuming the exercise of two six-month extension options.  Pricing for the ¥33.3 billion facility is 50 basis points over the applicable index for floating rate advances, based on the company's BBB / Baa2 senior unsecured debt rating.  Digital Realty also has the ability to upsize the yen facility by up to an additional ¥60 billion (approximately $525 million).  

"We are proud to draw an even tighter connection between our corporate commitment to sustainability and our global financing strategy, and we are pleased by the strong support from the global lending community for the recast of our credit facilities," said Digital Realty President & Chief Financial Officer Andrew P. Power.  "The refinancing was well oversubscribed, with commitments from more than 25 financial institutions around the world.  With strong support from our lending group, we were able to upsize the facility by $650 million and extend the maturity to January 2027, including extension options.  We believe the successful refinancing underscores the institutional lender community's view of the strength of our balance sheet and underlying business, while providing us with greater financial flexibility as we continue to prudently fund the growth of our global platform."  

BofA Securities, Inc., and Citibank, N.A., are serving as co-sustainability structuring agents for the global revolving credit facility while Sumitomo Mitsui Banking Corporation is serving as sustainability structuring agent for the Yen revolving credit facility.  "We applaud Digital Realty for the leadership it has shown in using the sustainability-linked loan market to emphasize its commitment to ESG," said Alex Liftman, Bank of America's Global Environmental Executive.  "Bank of America is pleased to have played a role in this important transaction." 

Funds from the combined facilities may be drawn in Australian dollars, British pounds sterling, Canadian dollars, euros, Hong Kong dollars, Japanese yen, Singapore dollars, Indonesian rupiah, Swiss francs and Korean won as well as U.S. dollars.  

"We would like to acknowledge the efforts of Citibank, N.A., BofA Securities, Inc. and JPMorgan Chase Bank, N.A. in their capacity as joint lead arrangers and joint book running managers, which led to the successful syndication of the global revolver," added Michael P. Brown, Digital Realty's Senior Vice President, Treasury.  "We would also like to extend our gratitude to the entire bank group for their overwhelming support.  In addition, we would like to acknowledge Sumitomo Mitsui Banking Corporation, MUFG Bank, LTD, and Mizuho Bank, LTD's efforts in their capacity as joint lead arrangers and joint book running managers of the Japanese Yen facility."  

About Digital Realty
Digital Realty supports the world's leading enterprises and service providers by delivering the full spectrum of data center, colocation, and interconnection solutions.  PlatformDIGITAL®, the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™) solution methodology for scaling digital business and efficiently managing Data Gravity challenges.  Digital Realty's global data center footprint gives customers access to the connected communities that matter to them with over 280 facilities in 49 metros across 25 countries on six continents.  For more information, please visit digitalrealty.com or follow us on LinkedIn and Twitter

For Additional Information
Andrew P. Power
President & Chief Financial Officer
Digital Realty
(415) 738-6500

Investor Relations
John J. Stewart / Jim Huseby
Digital Realty
(415) 738-6500
InvestorRelations@digitalrealty.com

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to use of the proceeds from the facilities, maturity dates and extension options, and ability to increase the facilities.  For a list and description of risks and uncertainties, please see the company's reports and other filings with the U.S. Securities and Exchange Commission.  The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

 

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View original content:https://www.prnewswire.com/news-releases/digital-realty-completes-refinancing-with-new-sustainability-linked-global-revolving-credit-facilities-301429696.html

SOURCE Digital Realty


© PRNewswire 2021
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