Public Storage's 6.375% series Y preferreds admitted to trading on NYSE

By Tali Rackner

Norfolk, Va., March 18 - The depositary shares of Public Storage's 6.375% series Y cumulative preferred shares of beneficial interest have been admitted for trading on the New York Stock Exchange, according to a notice.

The company priced an upsized $225 million of the shares on March 10. They will be issued as depositary shares representing a 1/1000th interest.

The preferreds trade under the ticker "PSA PRY."

As previously reported, dividends will be paid quarterly. The company can redeem the preferreds on March 17, 2019 at par plus accrued dividends.

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

The Glendale, Calif.-based real estate investment trust intends to use the proceeds to repay a portion of the company's term loan with Wells Fargo NA.

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