04:48 PM EDT, 06/21/2024 (MT Newswires) -- Safehold (SAFE) late Friday said its Safehold GL Holdings operating company created an unsecured commercial paper note program to issue up to $750 million of the notes as needed for general corporate purposes.

The specialty real estate investment trust said the commercial paper note program is expected to reduce its borrowing cost compared with its $2 billion revolving credit facility, which will serve as a liquidity backstop for repayment of its commercial paper.