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PSA > SEC Filings for PSA > Form 8-K on 18-Jul-2013All Recent SEC Filings

Show all filings for PUBLIC STORAGE



Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into a Material Definitive Agreement.

On July 17, 2013, Public Storage (the "Company") entered into the Second Amendment (the "Amendment") to its Amended and Restated Credit Agreement dated as of March 21, 2012, as amended (the "Credit Agreement"), with each of the lenders party thereto and Wells Fargo Bank, National Association, as agent. Under the terms of the Credit Agreement, the Company has the ability to borrow up to $300 million under a revolving credit facility and also may, at any time during the term of the Credit Agreement, request an increase in the facility of an additional $300 million, subject to certain conditions.

Under the Credit Agreement (which was filed as Exhibit 10.1 to the Company's current report on Form 8-K filed on March 27, 2012), loans bear interest at variable rates determined at the Company's option at the time of any borrowing. Rates may be established based on an absolute rate determined by competitive bids or, alternatively, based on LIBOR or, under some circumstances, the Federal funds rate plus, in either case, an applicable margin. The Amendment provides for an applicable margin ranging from 0.900% to 1.500%, depending upon the ratio of the Company's Total Indebtedness to its Gross Asset Value, as each term is defined in the Credit Agreement, determined quarterly. As a result of the Amendment, the applicable margin no longer will be based on the Company's senior debt credit ratings published from time to time.

In the ordinary course of their respective businesses, many of the lenders party to the Credit Agreement or their affiliates have in the past performed, and may in the future from time to time perform, investment banking, advisory, lending and/or commercial banking or other financial services for the Company and its subsidiaries for which they received, or may receive, customary fees and reimbursement of expenses.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Second Amendment to Amended and Restated Credit Agreement dated as of July 17, 2013.

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