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Digital Realty prices tenders for 3.4%, 5.25% notes due 2020, 2021
By Wendy Van Sickle
Columbus, Ohio, June 14 – Digital Realty Trust, Inc. announced pricing of operating partnership subsidiary Digital Realty Trust, LP’s cash tender offer for any and all of its $500 million outstanding 3.4% notes due 2020 and any and all of its $400 million outstanding 5.25% notes due 2021 guaranteed by Digital Realty.
For each $1,000 principal amount, the company will pay $1,013.38 for the 3.4% notes and $1,044.01 for the 5.25% notes.
The considerations were determined based on a fixed spread of 30 basis points plus the yield based on the bid-side price of the applicable U.S. Treasury. The reference security is the 1.375% U.S. Treasury due Sept. 15, 2020 for the 2020 notes and the 1.875% U.S. Treasury due Dec. 15, 2020 for the 2021 notes.
Pricing was set at 2 p.m. ET on June 14.
Holders will also receive accrued interest to but excluding the settlement date.
The offer expired at 5 p.m. ET on June 14.
Settlement is expected to occur on June 17.
Notes tendered by notice of guaranteed delivery and accepted for purchase will be purchased on the third business day after the expiration date, but payment of accrued interest on notes will only be made to but excluding the June 17 settlement date.
The tender offer is subject to a financing condition.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-6950) is the dealer manager for the tender offer.
Global Bondholder Services Corp. (866 924-2200, http://www.gbsc-usa.com/DigitalRealty) is the tender agent and information agent.
Digital Realty owns, acquires, develops and operates data centers and is based in San Francisco.
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