PS Business Parks plans to sell series W cumulative preferred stock; price talk is 5.25%

By Stephanie N. Rotondo

Seattle, Oct. 11 – PS Business Parks Inc. is offering series W cumulative preferred shares (expected ratings: Baa2/BBB), the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.

Price talk is 5.25%, according to a market source.

BofA 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.

Dividends will be payable on the last day of March, June, September and December, beginning Dec. 31. The paper becomes redeemable in October 2021 at par plus accrued dividends.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “PSBPW.”

The Glendale, Calif.-based real estate investment trust will use the proceeds to repay outstanding debt under a credit facility. Any additional funds will be used for general corporate purposes.

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