PS Business Parks plans to issue $100 million series U cumulative perpetual preferred stock

By Stephanie N. Rotondo

Phoenix, Sept. 5 - PS Business Parks Inc. is planning an offering of at least $100 million series U cumulative perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Pricing is expected late Wednesday or Thursday, according to a trader.

Dividends will be paid quarterly beginning Dec. 31. The preferred shares cannot be redeemed until September 2017 or after.

The company will apply to list the new securities on the New York Stock Exchange under the ticker symbol "PSBPU."

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

Proceeds will be contributed to the operating partnership in exchange for preferred units of limited partnership that have substantially identical economic terms as the preferreds. The funds will be used for general corporate purposes, which may include the repayment of outstanding debt, the redemption of preferred securities and the acquisition of commercial properties.

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

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