PS Business Parks gives tender results for series X, Y, Z preferreds

By Marisa Wong

Los Angeles, March 30 – PS Business Parks Inc. announced the results of its March 1 cash tender offer for any and all of three series of preferred securities, according to a news release.

The following securities were tendered and accepted for purchase:

• 597,969 in number, or $14,949,225, of the $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;

• 528,308 in number, or $13,207,700, of the $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

• 1,120,035 in number, or $28,000,875, of the $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 expired at 5 p.m. ET on March 29. Settlement will be on March 31.

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.

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.

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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