By James McCandless
San Antonio, Oct. 24 – PS Business Parks, Inc. priced a $300 million offering of $25-par series Z cumulative preferred stock with a dividend of 4.875%, according to a press release.
There is a greenshoe.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable after five years. Prior to that, the preferred are redeemable at the company’s option to preserve its status as a real estate investment trust.
PS Business Parks plans to use the proceeds to fund the expected redemption of its 5.75% series U cumulative preferred stock and its 5.7% series V cumulative preferred stock.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “PSBPrZ.”
PS Business Parks is a Glendale, Calif.-based real estate investment trust.
| Issuer: | PS Business Parks, Inc.
|
| Description: | Series Z cumulative preferred stock
|
| Amount: | $300 million, or 12 million shares
|
| Maturity: | Perpetual
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| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
|
| Dividend: | 4.875%
|
| Price: | Par of $25.00
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| Yield: | 4.875%
|
| Call: | After five years; prior to that, at the company’s option to preserve its status as a REIT
|
| Pricing date: | Oct. 24
|
| Settlement date: | Nov. 4
|
| Distribution: | SEC registered
|
| Listing: | NYSE: PSBPrZ
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