Public Storage gets tenders for $110.22 million of Shurgard's 7.75%, 5.875% notes

By Angela McDaniels

Tacoma, Wash., Feb. 11 - Public Storage, Inc. said it received tenders for $96.68 million of Shurgard Storage Centers, LLC's $200 million 7.75% notes due 2011 and for $13.54 million of Shurgard's $200 million 5.875% notes due 2013 during an offer that expired on Feb. 10.

All tendered notes were accepted for purchase.

For each $1,000 principal amount, the payment will be par for the 7.75% notes and $925 for the 5.875% notes. Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Feb. 12.

The total payment for the notes, including interest, is $113.07 million, according to a company news release.

When the tender offer began on Feb. 3, Public Storage said it expected to use available cash to pay for the notes.

The notes were originally issued by Shurgard Storage Centers, Inc., which Public Storage acquired in 2006 and merged into Shurgard Storage Centers, LLC.

The dealer managers for the tender offer were Goldman, Sachs & Co. (212 357-4692 or 800 828-3182) and J.P. Morgan Securities, Inc. (212 834-4388 or 866 834-4666). The information agent was Okapi Partners LLC (877 796-5274).

Public Storage is a real estate investment trust based in Glendale, Calif., that operates self-storage facilities.

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