PS Business Parks to sell $25-par series Y cumulative preferreds

By Devika Patel

Knoxville, Tenn., Nov. 30 – PS Business Parks Inc. plans to market series Y cumulative preferred shares, according to a prospectus filed with the Securities and Exchange Commission.

The depositary shares will each represent 1/1,000th of an interest in a share of preferred stock and will have a liquidation preference of $25.00.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Dividends are payable quarterly on March 31, June 30, Sept. 30 and Dec. 31 of each year.

The preferreds are redeemable beginning in December 2022 at $1,000 per preferred, which is equivalent to $25.00 per depositary share, plus any unpaid dividends.

Proceeds will be used for the redemption of the company’s 6% series T cumulative preferred stock, to repay debt under its credit facility and for general corporate purposes.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “PSBPrY.”

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

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