Nov 12, 4:02 PM ET
Digital Realty issues $1.15 billion of 1.875% exchangeable senior notes due 2029
On November 12, 2024, Digital Realty Trust, L.P., a subsidiary of Digital Realty Trust, Inc., issued $1.15 billion of 1.875% exchangeable senior notes due November 15, 2029, including $150 million from the full exercise of the initial purchasers' option. The Company fully and unconditionally guaranteed the notes on a senior, unsecured basis, and the issuer may settle exchanges in cash or in a combination of cash and common shares. The filing adds a large debt obligation for the company, and shares could be issued if holders exchange their notes.
- Principal of $1.15 billion, including $150 million from full exercise of the initial purchasers' option; interest of 1.875% per year payable May 15 and November 15, starting May 15, 2025
- Initial exchange price of approximately $208.34 per share, equal to 4.7998 shares per $1,000 principal amount
- Notes mature November 15, 2029; noteholders may exchange before August 15, 2029 only upon certain events
- Company guarantee is senior and unsecured; a 3% maturity premium applies if a registration default event occurs