PS Business Parks to sell series T cumulative perpetual preferreds

By Stephanie N. Rotondo

Portland, Ore., May 2 - PS Business Parks Inc. is planning a sale of series T cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission on Wednesday.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The preferreds will be issued as depositary shares representing a 1/1,000th interest in a preferred. The liquidation preference will be $25,000 per preferred, or $25 per depositary share.

Dividends will be payable quarterly on the last day of March, June, September and December beginning June 30.

The preferreds become redeemable in May 2017.

The company will apply to list the preferreds on the New York Stock Exchange under the ticker symbol "PSBPT."

Proceeds will be used for general corporate purposes, including the repayment of outstanding debt, the redemption of preferreds and the acquisition of commercial properties.

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

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