Digital Realty Trust, which has 127 data centers around the world, has completed the refinancing of its global revolving credit facility and term loan. The refinancing allowed the company to reduce pricing, extend loan maturities and increase its aggregate commitments by $450 million. The combined facilities total $3 billion, representing the 5th largest unsecured credit facilities among US REITs. The refinancing provides funds for acquisitions, development, redevelopment, debt repayment, working capital and global expansion.
"We are very pleased with the strong demand we received from the international lending community to participate in the refinancing of these facilities, which were oversubscribed with commitments totaling $4.6 billion from 27 financial institutions from around the globe," said A. William Stein, Chief Financial Officer and Chief Investment Officer of Digital Realty. "To satisfy this demand, we upsized our Global Revolving Credit Facility by $200 million and increased our Term Loan by $250 million. In addition, the improved pricing grid is equal to or better than any widely syndicated credit facility for a U.S. large cap investment grade REIT, including those with a credit rating higher than DLR's BBB/Baa2 rating. We believe these positive trends illustrate the institutional lender community's view on the strength of our balance sheet and underlying business, while providing us with greater financial flexibility as we continue to expand our portfolio globally."