Digital Realty Trust has completed the refinancing of its global revolving credit facility and term loan. Citibank served as administrative agent for the transaction.

In conjunction with the refinancing, pricing was tightened by 10 basis points, the maturity date was extended by more than two years and aggregate commitments were expanded by $550 million. The combined facilities total $3.55 billion, consisting of a $2 billion line of credit and a $1.55 billion term loan. The refinancing provides funds for acquisitions, development, redevelopment, debt repayment, working capital and general corporate purposes.

According to an 8-K filing, Citibank acted as administrative agent, Bank of America and JPMorgan Chase Bank were syndication agents. Merrill Lynch, Pierce, Fenner & Smith, Citigroup Global Markets and J.P. Morgan Securities acted as joint lead arrangers and joint bookrunners.

“We would like to acknowledge Citigroup Global Markets, J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, Bank of Nova Scotia, Sumitomo Mitsui, TD Securities and U.S. Bank National Association’s efforts in their capacity as joint lead arrangers and joint book running managers, which led to the successful syndication of the two facilities. We would also like to extend our gratitude to the entire bank group for their overwhelming support,” said Andrew P. Power, Digital Realty’s chief financial officer.

The renewed $2.0 billion line of credit matures in January 2020, has two six-month extension options and can be upsized by $500 million to approximately $2.5 billion. Pricing for the facility is based on the company’s BBB/Baa2 senior unsecured debt rating and was lowered from 110 to 100 basis points over the applicable index for floating rate advances. The annual facility fee is 20 basis points.

The $1.55 billion term loan includes a five-year, $1.25 billion multi-currency loan that matures in January 2021 and a seven-year, $300 million U.S. dollar loan that matures

Digital Realty Trust supports the data center and colocation strategies of more than 1,000 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia.