PS Business Parks plans sale of series V cumulative preferred stock

By Stephanie N. Rotondo

Phoenix, March 5 - PS Business Parks Inc. has launched an offering of series V cumulative preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

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 in March 2018.

The company intends to list the new securities on the New York Stock Exchange under the ticker symbol "PSBPV."

The Glendale, Calif.-based real estate investment trust will use the proceeds to repay outstanding debt and for general corporate purposes.

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