New Issue: Digital Realty Trust sells $350 million more 5.55% notes due 2028 at 180 bps spread

By Wendy Van Sickle and Cristal Cody

Columbus, Ohio, Nov. 29 – Digital Realty Trust LP sold a $350 million add-on to its 5.55% notes due Jan. 15, 2028 (Baa2/BBB/BBB) at 99.208 to yield 5.57%, or a spread of 180 basis points over Treasuries, on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

Price talk was in the Treasuries plus 195 bps area, according to a market source.

The notes will be consolidated and form a single series with the $550 million of notes issued on Sept. 27.

Bookrunners were BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.

The notes are guaranteed by Digital Realty Trust, Inc.

The company intends to use proceeds from the additional notes to temporarily repay borrowings outstanding under its global revolving credit facilities; to acquire additional properties or businesses; to fund development opportunities; to invest in interest-bearing accounts and short-term, interest-bearing securities which are consistent with Digital Realty Trust, Inc.’s intention to qualify as a REIT for U.S. federal income tax purposes; and to provide for working capital and other general corporate purposes, including potentially for the repayment of other debt or the redemption, repurchase, repayment or retirement of outstanding equity or debt securities.

The San Francisco-based company owns, acquires, develops and operates data centers.

Issuer:	Digital Realty Trust LP
Guarantor:	Digital Realty Trust, Inc.
Amount:	$350 million add-on
Issue:	Notes
Maturity:	Jan. 15, 2028
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.
Co-managers:	Academy Securities, Inc., Capital One Securities, Inc., Deutsche Bank Securities Inc., Loop Capital Markets LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, Scotia Capital (USA) Inc., Raymond James & Associates, Inc., BNP Paribas Securities Corp., BBVA Securities Inc., Credit Suisse Securities (USA) LLC, ING Financial Markets LLC, RBC Capital Markets, LLC and Truist Securities, Inc.
Trustee:	Computershare Trust Co., NA
Counsel to issuer:	Latham & Watkins LLP, with Venable LLP advising on Maryland law
Counsel to underwriters:	Goodwin Procter LLP
Coupon:	5.55%
Price:	99.208
Yield:	5.57%
Spread:	Treasuries plus 180 bps
Call features:	Make-whole call at Treasuries plus 25 bps before Dec. 15, 2027; thereafter at par
Trade date:	Nov. 29
Settlement date:	Dec. 6
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered
Cusip:	25389JAV8
Price talk:	Treasuries plus 195 bps area
Total issuance:	$900 million, including $550 million issued on Sept. 27

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