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PSA > SEC Filings for PSA > Form 8-K on 3-Dec-2013All Recent SEC Filings

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Form 8-K for PUBLIC STORAGE


3-Dec-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sh


Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Entry Sheet Arrangement of a Registrant

On December 2, 2013, Public Storage (the "Company") entered into a one year $700 million term loan agreement (the "Term Loan Agreement") with Wells Fargo Bank, National Association, as lender and as agent. The obligations of the Company under the Term Loan Agreement are guaranteed by certain subsidiaries of the Company. The Term Loan Agreement matures on December 2, 2014. Borrowings under the Term Loan Agreement may be used for general corporate purposes.

Loans under the Term Loan Agreement bear interest at LIBOR plus an applicable margin ranging from 0.900% to 1.500% depending on the Company's ratio of total indebtnedness to gross asset value. Initially, the Company's rate under the Loan is LIBOR plus 0.900%.

The Term Loan Agreement requires that the Company comply with certain financial maintenance covenants. The Term Loan Agreement also includes other affirmative and negative covenants and defaults and events of default.


In the ordinary course of its business, Wells Fargo Bank, National Association and its affiliates has 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 Wells Fargo Bank, National Association and its affiliates received, or may receive, customary fees and reimbursement of expenses.

The foregoing description is qualified in its entirety by reference to the Term Loan Agreement, filed as Exhibit 10.1 hereto and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 Term Loan Agreement dated as of December 2, 2013*
* Exhibits and schedules to this agreement have been omitted as permitted under Item 601 of Regulation S-K and will be furnished supplementally upon request to the Securities and Exchange Commission.

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