PS Business Parks’ 5.2% cumulative preferreds to list on NYSE Friday

By Stephanie N. Rotondo

Seattle, Oct. 19 – PS Business Parks Inc.’s $165 million of 5.2% series W cumulative preferred shares are scheduled to hit the New York Stock Exchange on Friday, according to a market source.

The trading symbol will be “PSBPW.”

The offering priced Oct. 11. Price talk was 5.25%. The deal came upsized from $100 million.

There is a $24.75 million over-allotment option.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.

The preferreds will be issued as depositary shares representing a 1/1,000th interest.

Dividends will be payable on the last day of March, June, September and December, beginning Dec. 31. The paper becomes redeemable on or after Oct. 20, 2021 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust will use the proceeds to repay outstanding debt under a credit facility. Any additional funds will be used for general corporate purposes.

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