Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for PS Business Parks Inc. > News item |
PS Business Parks offers $100 million of cumulative preferred stock; price talk 5.25%-5.375%
By Stephanie N. Rotondo
Seattle, Sept. 12 – PS Business Parks Inc. intends to price $100 million of series X cumulative preferred stock (expected ratings: Baa2/BBB), according to a prospectus filed with the Securities and Exchange Commission on Tuesday.
Price talk is 5.25% to 5.375%, a market source reported.
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 a quarterly basis. The preferreds become redeemable in September 2022 at par plus accrued dividends.
The new securities will be listed on the New York Stock Exchange under the ticker symbol “PSBPrX.”
Proceeds will be used to pay down a credit facility. Any remaining funds will be used for general corporate purposes, which may include the acquisition and development of commercial properties.
PS Business Parks is a Glendale, Calif.-based real estate investment trust.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.