PS Business Parks preferreds increased to $230 million via greenshoe

By Ashley Montgomery

Kansas City, Kan., Feb. 22 - The $30 million over-allotment option on PS Business Parks Inc.'s 6.45% cumulative preferred stock, series S, was exercised in full, according to a company news release filed with the Securities and Exchange Commission.

The company originally sold $200 million of preferreds for $25 each.

Proceeds from the issue were used to redeem $79.6 million of 7.2% cumulative preferred stock, series M, to redeem $84.6 million of 7.375% cumulative preferred stock, series O, and to repay outstanding amounts under the company's credit facility.

The issuer is a real estate investment trust based in Glendale, Calif.

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