By Andrea Heisinger
New York, Oct. 4 - Public Storage sold $120 million, or 4.8 million shares, of 6.5% perpetual cumulative preferred stock late on Monday at par of $25, a source who worked on the trade said.
The preferreds (Baa1/BBB/) are non-callable until October 2015.
Bank of America Merrill Lynch was the bookrunner.
Proceeds are being used to redeem 7.125% cumulative preferred shares, series B, with a liquidation preference of $108.75 million.
The real estate investment trust of self-storage facilities is based in Glendale, Calif.
| Issuer: | Public Storage
|
| Issue: | Cumulative preferred shares
|
| Amount: | $120 million (4.8 million shares)
|
| Maturity: | Perpetual
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Dividend: | 6.5%
|
| Price: | Par of $25
|
| Yield: | 6.5%
|
| Call: | After October 2015
|
| Trade date: | Oct. 4
|
| Settlement date: | Oct. 7
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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