NEW
YORK, June 21, 2024 /PRNewswire/ -- Safehold
Inc. (the "Company" or "Safehold") (NYSE: SAFE) today announced
that its operating company, Safehold GL Holdings LLC (the
"operating company"), has established an unsecured commercial paper
note program in the United
States.
Under the terms of the program, the operating company may issue
from time to time unsecured commercial paper notes up to a maximum
aggregate amount outstanding at any one time of $750 million. The notes will be sold under
customary terms in the United
States commercial paper note market and will rank pari passu
with all of the operating company's other unsecured senior
indebtedness. The notes will be fully and unconditionally
guaranteed by the Company. Note proceeds will be used for general
corporate purposes.
The Company expects to realize cost of capital benefits in the
commercial paper market versus its $2.0
billion revolving credit facility, and expects to use its
revolving credit facility as a liquidity backstop for the repayment
of the notes issued under the commercial paper program.
The notes to be offered under the commercial paper note program
have not been and will not be registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy the notes under the operating company's
commercial paper note program.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate
ownership by providing a new and better way for owners to unlock
the value of the land beneath their buildings. Having created the
modern ground lease industry in 2017, Safehold continues to help
owners of high quality multifamily, office, industrial,
hospitality, student housing, life science and mixed-use properties
generate higher returns with less risk. The Company, which is taxed
as a real estate investment trust (REIT), seeks to deliver safe,
growing income and long-term capital appreciation to its
shareholders. Additional information on Safehold is available on
its website at www.safeholdinc.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
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SOURCE Safehold
