PS Business Parks’ 5.25% cumulative preferred stock lists on NYSE

By Stephanie N. Rotondo

Seattle, Sept. 22 – PS Business Parks Inc.’s $200 million of 5.25% series X cumulative preferred stock began trading on the New York Stock Exchange on Friday.

The ticker symbol is “PSBPrX.”

The issue priced on Sept. 12. The $25-par deal was increased from an expected $100 million. Price talk was 5.25% to 5.375%.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners. Both BofA Merrill Lynch and Morgan Stanley subscribed for 2,666,667 shares, while Wells Fargo took 2,666,666 shares.

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

There is a $30 million over-allotment option.

Dividends will be payable on a quarterly basis. The preferreds become redeemable on Sept. 21, 2022 at par plus accrued dividends.

Proceeds will be used to pay down a credit facility. Any remaining funds will be used for general corporate purposes, which may include the acquisition and development of commercial properties.

PS Business Parks is a Glendale, Calif.-based real estate investment trust.

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