By Stephanie N. Rotondo
Phoenix, March 5 - PS Business Parks Inc. priced $100 million of 5.7% series V cumulative preferred stock at par of $25.00 on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The preferreds will be issued as depositary shares representing a 1/1,000th interest.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.
Dividends will be payable quarterly, beginning June 30. The preferreds become redeemable on or after March 14, 2018 at par plus accrued dividends.
The Glendale, Calif.-based real estate investment trust will use the proceeds to repay outstanding debt and for general corporate purposes.
| Issuer: | PS Business Parks Inc.
|
| Securities: | Series V cumulative preferred stock
|
| Amount: | $100 million, or 4 million shares
|
| Greenshoe: | $15 million, or 600,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Co-manager: | RBC Capital Markets LLC
|
| Dividend: | 5.7%
|
| Price: | Par of $25.00
|
| Yield: | 5.7%
|
| Call options: | On or after March 14, 2018 at par plus accrued dividends
|
| Pricing date: | March 5
|
| Settlement date: | March 14
|
| Expected listing: | NYSE: PSBPV
|
| Cusip: | 69360J644
|
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