Amendment No. 1 to ATM Equity Sales Agreement, dated as of April 1, 2022, among Digital Realty Trust, Inc. and Digital Realty Trust, L.P. and BofA Securities, Inc., BMO Capital Markets Corp., Barclays Capital Inc., BTIG, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as agents, and Bank of America, N.A., Bank of Montreal, Barclays Bank PLC, Citigroup Global Markets Inc. (in its capacity as an agent and affiliate of Citibank, N.A.), Credit Suisse Capital LLC, Deutsche Bank AG, London Branch, Jefferies LLC, JPMorgan Chase Bank, National Association, New York Branch, KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, as forward purchasers

Contract Categories: Business Finance - Credit Agreements
EX-1.1 2 d447587dex11.htm EX-1.1 EX-1.1

Exhibit 1.1

DIGITAL REALTY TRUST, INC.

Amendment No. 1 to ATM Equity OfferingSM Sales Agreement

March 16, 2023

 

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

  

Mizuho Securities USA LLC

1271 Avenue of the Americas

New York, New York 10020

BMO Capital Markets Corp.

151 West 42nd Street, 32nd Floor

New York, New York 10036

  

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

  

MUFG Securities Americas Inc.

1221 Avenue of the Americas

New York, New York 10020

BTIG, LLC

600 Montgomery Street

San Francisco, California 94111

  

Raymond James & Associates, Inc.

880 Carillon Parkway

St. Petersburg, Florida 33716

Capital One Securities, Inc.

201 St. Charles Avenue, Suite 1830

New Orleans, Louisiana 70170

  

RBC Capital Markets, LLC

200 Vesey Street

3 World Financial Center

New York, New York 10281

Citigroup Global Markets Inc.

390 Greenwich Street

New York, New York 10013

  

Scotia Capital (USA) Inc.

250 Vesey Street

New York, New York 10281

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010

  

TD Securities (USA) LLC

1 Vanderbilt Avenue

New York, New York 10017

Deutsche Bank Securities Inc.

One Columbus Circle

New York, New York 10019

  

Truist Securities, Inc.

3333 Peachtree Road

Atlanta, Georgia 30326

ING Financial Markets LLC

1133 Avenue of the Americas

New York, New York 10036

  

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

Jefferies LLC

520 Madison Avenue

New York, New York 10022

  

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

  

KeyBanc Capital Markets Inc.

127 Public Square, 4th Floor

Cleveland, Ohio 44114

  


As Agents and Forward Sellers

 

Bank of America, N.A.

One Bryant Park

New York, New York 10036

  

Mizuho Markets Americas LLC

1271 Avenue of the Americas

New York, New York 10020

Barclays Bank PLC

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

  

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

Bank of Montreal

55 Bloor Street West, 18th Floor

Toronto, Ontario M4W 1A5

Canada

  

MUFG Securities EMEA plc

c/o MUFG Securities Americas Inc.

1221 Avenue of the Americas

New York, New York 10020

Citibank, N.A.

c/o Citigroup Global Markets Inc.

390 Greenwich Street

New York, New York 10013

  

Royal Bank of Canada

c/o RBC Capital Markets, LLC

200 Vesey Street

3 World Financial Center

New York, New York 10281

Credit Suisse Capital LLC

c/o Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010

  

The Bank of Nova Scotia

c/o Scotia Capital (USA) Inc.

250 Vesey Street

New York, New York 10281

Deutsche Bank AG, London Branch

c/o Deutsche Bank Securities Inc.

One Columbus Circle

New York, New York 10019

  

The Toronto-Dominion Bank

c/o TD Securities (USA) LLC, as Agent

1 Vanderbilt Avenue

New York, NY 10017

Jefferies LLC

520 Madison Avanue

New York, NY 10022

  

Truist Bank

3333 Peachtree Road NE, 11th Floor

Atlanta, Georgia 30326

JPMorgan Chase Bank, National Association, New York Branch

383 Madison Avenue

New York, New York 10179

  

Wells Fargo Bank, National Association

c/o Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

KeyBanc Capital Markets Inc.

127 Public Square, 4th Floor

Cleveland, Ohio 44114

  

As Forward Purchasers

Ladies and Gentlemen:

Reference is made to the ATM Equity OfferingSM Sales Agreement dated April 1, 2022 (the “Agreement”) by and among Digital Realty Trust, Inc., a Maryland corporation (the “Company”), Digital Realty Trust, L.P., a Maryland limited partnership (the “Operating Partnership”), and (i) BofA Securities, Inc., BMO Capital Markets Corp., Barclays Capital Inc., BTIG, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as sales agent, forward seller and/or principal (in any such capacity, each, an “Agent,” and collectively, the “Agents”) and (ii) Bank of America, N.A., Bank of Montreal, Barclays Bank PLC, Citigroup Global Markets Inc. (in its capacity as an agent and affiliate of Citibank, N.A.), Credit Suisse Capital LLC, Deutsche Bank AG, London Branch, Jefferies LLC, JPMorgan Chase Bank, National Association, New York Branch, KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, The Bank of Nova Scotia, The Toronto-Dominion Bank, Royal Bank of Canada, Truist Bank and Wells Fargo Bank, National Association (in such capacity,


each, a “Forward Purchaser,” and collectively, the “Forward Purchasers”), pursuant to which the Company may (A) issue, offer and sell Shares from time to time to or through any Agent, acting as sales agent on behalf of the Company and/or acting as principal, and (B) instruct any Agent, acting as forward seller, to offer and sell Shares borrowed by the applicable Forward Purchaser, in each case, on the terms and subject to the conditions set forth in the Agreement, any Confirmation and any Terms Agreement, as applicable.

The parties wish to amend the Agreement through this Amendment No. 1 to ATM Equity OfferingSM Sales Agreement (this “Amendment”) to modify the definition of certain defined terms set forth in the Agreement and used therein and to make certain other changes to the Agreement with effect on and after the date hereof (the “Effective Date”).

1. Definitions. Unless otherwise specified herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Agreement.

2. Representation and Warranty. Each of the Company and the Operating Partnership, jointly and severally, represents and warrants to each Agent and Forward Purchaser that this Amendment has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company and the Operating Partnership.

3. Amendment of the Agreement. The parties agree, from and after the Effective Date, that:

(a) On and after the Effective Date, the references to “Registration Statement” shall refer to the “automatic shelf registration statement” on Form S-3 (File No. 333-270596) filed by the Company with the Commission on March 16, 2023, that became effective upon such filing in accordance with Rule 462(e) of the 1933 Act Regulations, including the exhibits and any schedules thereto, the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430B of the 1933 Act Regulations.

(b) On and after the Effective Date, the references to: (i) “Base Prospectus” shall refer to the base prospectus dated March 16, 2023 filed as part of the Registration Statement, in the form first furnished by the Company to the Agents for use in connection with the offering of the Shares, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at the Applicable Time; (ii) “Prospectus Supplement” shall refer to the most recent prospectus supplement relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b) of the 1933 Act Regulations, in the form first furnished by the Company to the Agents for use in connection with the offering of the Shares, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at the Applicable Time; and (iii) “Prospectus” shall refer to the Base Prospectus and the Prospectus Supplement.

(c) The last sentence of Section 1(ii) is hereby amended and restated in its entirety to read as follows:

“There is no franchise, contract or other document of a character required to be described or incorporated by reference in the General Disclosure Package, the Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required; and the statements included or incorporated by reference (A) in the General Disclosure Package and the Prospectus under the heading “Plan of Distribution,” and (B) in the Base Prospectus under the headings “Description of Common Stock,” “Description of Preferred Stock,” “Description of Depositary Shares,” “Description of Warrants,” “Description of Debt Securities and Related Guarantees,” “Restrictions on Ownership and Transfer,” “Description of the Partnership Agreement of Digital Realty Trust, L.P.,” “Material Provisions of Maryland Law and of the Charter and Bylaws of Digital Realty Trust, Inc.,” “United States Federal Income Tax Considerations,” and “Plan of Distribution,” insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings.”

(d) References to Agreement. All references to the Agreement or in any other document executed or delivered in connection therewith shall, from the date hereof, be deemed a reference to the Agreement as amended by this Amendment. Notwithstanding anything to the contrary contained herein, this Amendment shall not have any effect on offerings or sales of Shares prior to the Effective Date or on the terms of the Agreement, and the rights and obligations of the parties thereunder, insofar as they relate to such offerings or sales, including, without limitation, the representations, warranties and agreements (including the indemnification and contribution provisions), as well as the definitions of “Registration Statement,” “Base Prospectus,” “Prospectus Supplement” and “Prospectus,” contained in the Agreement.


4. Applicable Law. This Amendment and any claim, controversy or dispute arising under or related to this Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without regard to its choice of law provisions.

5. Entire Agreement. This Amendment and the Agreement as further amended hereby contain the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. Except as set forth in this Amendment or as further amended hereby, all of the terms of the Agreement shall remain in full force and effect and are hereby confirmed in all respects.

6. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

7. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[Signature Page Follows]


If the foregoing correctly sets forth the understanding among the Company, the Operating Partnership, the Agents and the Forward Purchasers, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Operating Partnership, the Agents and the Forward Purchasers.

 

Very truly yours,
DIGITAL REALTY TRUST, INC.
By:  

/s/ Matthew R. Mercier

  Name: Matthew R. Mercier
  Title: Chief Financial Officer
DIGITAL REALTY TRUST, L.P.
By:  

Digital Realty Trust, Inc.,

its General Partner

  By:  

/s/ Matthew R. Mercier

    Name: Matthew R. Mercier
    Title: Chief Financial Officer


Accepted as of the date hereof:

 

BOFA SECURITIES, INC.
By:  

/s/ Chris Djoganopoulos

  Name: Chris Djoganopoulos
  Title: Managing Director
BMO CAPITAL MARKETS CORP.
By:  

/s/ Matthew Coley

  Name: Matthew Coley
  Title: Associate Director, Payment & Securities Operations
BARCLAYS CAPITAL INC.
By:  

/s/ Warren Fixmer

  Name: Warren Fixmer
  Title: Managing Director
BTIG, LLC
By:  

/s/ Stephen Ortiz

  Name: Stephen Ortiz
  Title: Managing Director
CAPITAL ONE SECURITIES, INC.
By:  

/s/ Gregory T. Horstmen

  Name: Gregory T. Horstmen
  Title: Managing Director
CITIGROUP GLOBAL MARKETS INC.
By:  

/s/ Kase Lawal

  Name: Kase Lawal
  Title: Director
CREDIT SUISSE SECURITIES (USA) LLC
By:  

/s/ William Raincsuk, Jr.

  Name: William Raincsuk, Jr.
  Title: Managing Director
DEUTSCHE BANK SECURITIES INC.
By:  

/s/ Daniel Byun

  Name: Daniel Byun
  Title: Director
By:  

/s/ Kristen Pugno

  Name: Kristen Pugno
  Title: Director


ING FINANCIAL MARKETS LLC
By:  

/s/ Tim Casady

  Name: Tim Casady
  Title: Director
By:  

/s/ Kevin Riordan

  Name: Kevin Riordan
  Title: Director
JEFFERIES LLC
By:  

/s/ Tim Roepke

  Name: Tim Roepke
  Title: Managing Director
J.P. MORGAN SECURITIES LLC
By:  

/s/ Brett Chalmers

  Name: Brett Chalmers
  Title: Executive Director
KEYBANC CAPITAL MARKETS INC.
By:  

/s/ Mark Barath

  Name: Mark Barath
  Title: Director, Equity Capital Markets
MIZUHO SECURITIES USA LLC
By:  

/s/ Ivana Rupcic-Hulin

  Name: Ivana Rupcic-Hulin
  Title: Managing Director
MORGAN STANLEY & CO. LLC
By:  

/s/ Namrta Bhurjee

  Name: Namrta Bhurjee
  Title: Vice President
MUFG SECURITIES AMERICAS INC.
By:  

/s/ Dev Gandhi

  Name: Dev Gandhi
  Title: Managing Director
RAYMOND JAMES & ASSOCIATES, INC.
By:  

/s/ Brad Butcher

  Name: Brad Butcher
  Title: Co-Head of Real Estate Investment Banking
RBC CAPITAL MARKETS, LLC
By:  

/s/ Chip Wadsworth

  Name: Chip Wadsworth
  Title: Managing Director


SCOTIA CAPITAL (USA) INC.
By:  

/s/ John Cronin

  Name: John Cronin
  Title: Managing Director
TRUIST SECURITIES, INC.
By:  

/s/ Geoffrey Fennel

  Name: Geoffrey Fennel
  Title: Director
TD SECURITIES (USA) LLC
By:  

/s/ Brad Limpert

  Name: Brad Limpert
  Title: Managing Director
WELLS FARGO SECURITIES, LLC
By:  

/s/ Elizabeth Alvarez

  Name: Elizabeth Alvarez
  Title: Managing Director


Accepted as of the date hereof:

BANK OF AMERICA, N.A.
By:  

/s/ Rohan Handa

  Name: Rohan Handa
  Title: Managing Director
BANK OF MONTREAL
By:  

/s/ Pashmin Sethi

  Name: Pashmin Sethi
  Title: Manager
BARCLAYS BANK PLC
By:  

/s/ Warren Fixmer

  Name: Warren Fixmer
  Title: Managing Director
CITIBANK, N.A.
By:  

/s/ James Heathcote

  Name: James Healthcote
  Title: Authorized Signatory
CREDIT SUISSE CAPITAL LLC
By:  

/s/ William L. Raincsuk, Jr.

  Name: William L. Raincsuk, Jr.
  Title: Managing Director
DEUTSCHE BANK AG, LONDON BRANCH
By:  

/s/ Joachim Sciard

  Name: Joachim Sciard
  Title: Managing Director
By:  

/s/ Daniel Byun

  Name: Daniel Byun
  Title: Director
JEFFERIES LLC
By:  

/s/ Tim Roepke

  Name: Tim Roepke
  Title: Managing Director


JPMORGAN CHASE BANK,

NATIONAL ASSOCIATION,

NEW YORK BRANCH

By:  

/s/ Brett Chalmers

  Name:   Brett Chalmers
  Title:   Executive Director
KEYBANC CAPITAL MARKETS INC.
By:  

/s/ Mark Barath

  Name:   Mark Barath
  Title:   Director, Equity Capital Markets
MIZUHO MARKETS AMERICAS LLC
By:  

/s/ Adam Hopkins

  Name:   Adam Hopkins
  Title:   Managing Director
MORGAN STANLEY & CO. LLC
By:  

/s/ Namrta Bhurjee

  Name:   Namrta Bhurjee
  Title:   Vice President
MUFG SECURITIES EMEA PLC
By:  

/s/ Catherine Lucas

  Name:   Catherine Lucas
  Title:   Authorised Signatory
THE BANK OF NOVA SCOTIA
By:  

/s/ Michael Curran

  Name:   Michael Curran
  Title:   Managing Director
THE TORONTO-DOMINION BANK
By:  

/s/ Vanessa Simonetti

  Name:   Vanessa Simonetti
  Title:   Managing Director
ROYAL BANK OF CANADA
By:  

/s/ Brian Ward

  Name:   Brian Ward
  Title:   Managing Director
TRUIST BANK
By:  

/s/ Michael Collins

  Name:   Michael Collins
  Title:   Managing Director


WELLS FARGO BANK,

NATIONAL ASSOCIATION

By:  

/s/ Elizabeth Alvarez

  Name: Elizabeth Alvarez
  Title: Managing Director