A summary of outstanding indebtedness of the Operating Partnership as of September 30, 2020 and December 31, 2019 is as follows (in thousands):

(1)

The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 90 basis points, which is based on the current credit ratings of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit ratings of our long-term debt, is due and payable quarterly on the total commitment amount of the facility. Two six-month extensions are available, which we may exercise if certain conditions are met. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin of 50 basis points, which is based on the current credit ratings of our long-term debt.

(2)	Balances as of September 30, 2020 and December 31, 2019 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	September 30,			average		December			average
Denomination of Draw	2020			interest rate		31, 2019			interest rate
Floating Rate Borrowing (a) (d)
Euro (€)	$	—		—	%	$	44,852	^(c)	0.90	%
Australian dollar (AUD)		2,865	^(b)	0.99	%		1,264	^(c)	1.74	%
Singapore dollar (SGD)		84,288	^(b)	1.03	%		53,199	^(c)	2.46	%
Total	$	87,153		1.03	%	$	99,315		1.75	%

Yen Revolving Credit Facility (a)	$	45,993	^(e)	0.50	%	$	146,451	^(e)	0.50	%

Total borrowings	$	133,146		0.84	%	$	245,766		1.00	%

(a)

The interest rates for floating rate borrowings under the global revolving credit facility currently equal the applicable index, subject to a zero floor, plus a margin of 90 basis points, which is based on the current credit rating of our long-term debt. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index, subject to a zero floor, plus a margin of 50 basis points, which is based on the current credit rating of our long-term debt.

(b)

Based on exchange rates of $0.72 to 1.00 AUD and $0.73 to 1.00 SGD, respectively, as of September 30, 2020.

(c)

Based on exchange rates of $1.12 to €1.00, $0.70 to 1.00 AUD and $0.74 to 1.00 SGD, respectively, as of December 31, 2019.

(d)

As of September 30, 2020, approximately $55.3 million of letters of credit were issued.

(e)

Based on exchange rates of $0.01 to 1.00 JPY as of September 30, 2020 and December 31, 2019.

(3)	Interest rates are based on our current senior unsecured debt ratings and are currently 100 basis points over the applicable index for floating rate advances for the 2023 Term Loan and the 2024 Term Loan.

(4)	We have entered into interest rate swap agreements as a cash flow hedge for interest generated by a portion of U.S. dollar and Canadian dollar borrowings under the 2023 Term Loan and 2024 Term Loan, and the secured note due March 2023. See Note 16. "Derivative Instruments" for further information.

(5)	Balances as of September 30, 2020 and December 31, 2019 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	September 30,			average		December 31,			average
Denomination of Draw	2020			interest rate		2019			interest rate
U.S. dollar ($)	$	—		—	%	$	300,000		2.74	% (d)
Singapore dollar (SGD)		145,801	(a)	1.13	%		147,931	(c)	2.68	%
Australian dollar (AUD)		207,913	(a)	1.09	%		203,820	(c)	1.85	%
Hong Kong dollar (HKD)		86,089	(a)	1.40	%		85,629	(c)	3.60	%
Canadian dollar (CAD)		73,944	(a)	1.49	% (b)		75,825	(c)	3.00	% (d)
Total	$	513,747		1.21	% (b)	$	813,205		2.62	% (d)

(a)

Based on exchange rates of $0.73 to 1.00 SGD, $0.72 to 1.00 AUD, $0.13 to 1.00 HKD and $0.75 to 1.00 CAD, respectively, as of September 30, 2020.

(b)

As of September 30, 2020, the weighted-average interest rate reflecting interest rate swaps was 1.78% (Canadian dollar) and 1.25% (Total). See Note 16 "Derivative Instruments" for further discussion on interest rate swaps.

(c)

Based on exchange rates of $0.74 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.77 to 1.00 CAD, respectively, as of December 31, 2019.

(d)

As of December 31, 2019, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.39% (Total).

(6)	Based on exchange rates of $1.17 to €1.00 as of September 30, 2020 and $1.12 to €1.00 as of December 31, 2019.

(7)	Based on exchange rates of $1.29 to £1.00 as of September 30, 2020 and $1.33 to £1.00 as of December 31, 2019.

(8)	Debt was repaid in full on April 13, 2020.

(9)	Debt was repaid in full on September 24, 2020. The payment resulted in an early extinguishment charge of approximately $0.9 million during the three months ended September 30, 2020.

(10)	The 3.950% 2022 Notes and 3.625% 2022 Notes were redeemed in full on August 3, 2020. The redemption resulted in an early extinguishment charge of approximately $52.1 million during the three months ended September 30, 2020.

(11)	The 4.750% 2023 Notes were redeemed in full on October 14, 2020.

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At September 30, 2020, we were in compliance with each of these financial covenants.

Euro Notes

On January 17, 2020, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €300.0 million aggregate principal amount of 0.125% Guaranteed Notes due 2022 (the “0.125% 2022 Notes”), €650.0 million aggregate principal amount of 0.625% Guaranteed Notes due 2025 (the “0.625% 2025 Notes”) and €750.0 million aggregate principal amount of 1.500% Guaranteed Notes due 2030 (the “1.500% 2030 Notes” and, together with the 0.125% 2022 Notes and 0.625% 2025 Notes, the “Euro Notes”). The Euro Notes are senior unsecured obligations of Digital Dutch Finco B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership. The terms of each series of Euro Notes are governed by separate indentures, each dated as of January 17, 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent. Net proceeds from the offering were approximately €1,678.6 million (or approximately $1,861.9 million based on the exchange rate as of January 17, 2020) after deducting managers’ discounts and estimated offering expenses.

Euro Notes due 2031

On June 26, 2020, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €500.0 million aggregate principal amount of 1.250% Guaranteed Notes due 2031 (the “2031 Notes”). The 2031 Notes are senior unsecured obligations of Digital Dutch Finco B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership. The terms of the 2031 Notes are governed by an indenture dated as of June 26, 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent. Net proceeds from the offering were approximately €493.1 million (or approximately $553.2 million based on the exchange rate as of June 26, 2020) after deducting managers’ discounts and estimated offering expenses.

Euro Notes due 2032

On September 23, 2020, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €750.0 million aggregate principal amount of 1.000% Guaranteed Notes due 2032 (the “2032 Notes”). The 2032 Notes are senior unsecured obligations of Digital Dutch Finco B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership. The terms of the 2032 Notes are governed by an indenture dated as of September 23, 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent. Net proceeds from the offering were approximately €737.5 million (or approximately $860.0 million based on the exchange rate as of September 23, 2020) after deducting managers’ discounts and estimated offering expenses.

Floating Rate Notes due 2022

On September 23, 2020, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €300.0 million aggregate principal amount of Floating Rate Guaranteed Notes due 2022 (the “2022 Notes”). The 2022 Notes will bear interest at a rate per annum, reset quarterly, equal to three-month EURIBOR plus 0.48%, subject to a zero floor, and the interest rate for the initial interest period was 0%. The 2022 Notes are senior unsecured obligations of Digital Dutch Finco B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership. The terms of the 2022 Notes are governed by an indenture dated as of September 23, 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent. Net proceeds from the offering were approximately €299.0 million (or approximately $348.7 million based on the exchange rate as of September 23, 2020) after deducting managers’ discounts and estimated offering expenses.

The table below summarizes our debt maturities and principal payments as of September 30, 2020 (in thousands):


	Global Revolving		Unsecured
	Credit Facilities⁽¹⁾		Term Loans⁽¹⁾		Senior Notes		Secured Debt		Total Debt
Remainder of 2020	$	—	$	—	$	—	$	—	$	—
2021		—		—		—		—		—
2022		—		—		703,260		—		703,260
2023		87,153		513,747		737,600		104,000		1,442,500
2024		45,993		—		1,026,260		—		1,072,253
Thereafter		—		—		9,631,722		135,000		9,766,722
Subtotal	$	133,146	$	513,747	$	12,098,842	$	239,000	$	12,984,735
Unamortized discount		—		—		(41,358)		—		(41,358)
Unamortized premium		—		—		5,911		—		5,911
Total	$	133,146	$	513,747	$	12,063,395	$	239,000	$	12,949,288

(1)

The global revolving credit facility and unsecured term loans are subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility or unsecured term loans, as applicable.