Digital Realty Trust, L.P., a subsidiary of Digital Realty, priced an offering of $1,000,000,000 aggregate principal amount of 1.875% exchangeable senior notes due 2029. The notes are senior, unsecured obligations of Digital Realty L.P. and are fully and unconditionally guaranteed by Digital Realty.
The initial exchange rate is 4.7998 shares of Digital Realty's common stock per $1,000 principal amount of notes, representing an initial exchange price of approximately $208.34 per share. This price reflects a premium of approximately 20.0% over the last reported sale price of $173.62 per share on November 6, 2024.
The net proceeds from the offering are estimated to be approximately $979.3 million, or up to $1,126.8 million if the initial purchasers fully exercise their option to purchase additional notes. Digital Realty L.P. intends to use these proceeds to temporarily repay borrowings under its global revolving credit facilities, acquire additional properties or businesses, fund development opportunities, and for general corporate purposes.
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