Safehold announces $750M commercial paper note program

Safehold announced that its operating company, Safehold GL Holdings, 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 $750M. 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 $2B 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.