PS Business Parks tenders for all series X, Y, Z preferreds

By Wendy Van Sickle

Columbus, Ohio, March 1 – PS Business Parks Inc. began a cash tender offer for any and all of three series of preferred securities, according to a news release.

The company is tendering for

• $81,152,550 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.25% cumulative preferred stock, series X, (Cusip: 69360J594), for a price of $15.29 per preferred share;

• $56,082,725 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.2% cumulative preferred stock, series Y, (Cusip: 69360J578), for a price of $15.33 per preferred share; and

• $81,782,800 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 4.875% cumulative preferred stock, series Z, (Cusip: 69360J552), for a price of $14.34 per preferred share.

The offers will expire at 5 p.m. ET on March 29.

The offer price for each series is the same as the price offered and paid by the company under its offer to purchase the same preferreds made on Nov. 22, 2022.

Under that offer, holders tendered about 64.7%, 72% and 74.8% of the then outstanding series X, Y and Z preferreds, respectively. That offer settled on Dec. 23.

A quarterly dividend authorized by the company’s board of directors on March 1 that is payable on March 31 to holders of record on March 15 is not included in the purchase price but will be paid to holders of the securities regardless of whether they participate in the tender offer.

Settlement is to occur promptly after the expiration date.

BofA Securities (888 292-0070 or 980 387-3907) is acting as dealer manager for the offers.

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

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