Public Storage offers perpetual preferreds at 6.5%-6.625% dividend

By Andrea Heisinger

New York, April 4 - Public Storage announced an offering of perpetual cumulative preferred shares, series Q, priced at $25.00, according to a 424B5 filing with the Securities and Exchange Commission.

The preferreds were talked in the range of 6.5% to 6.625% on Monday, a market source said. Pricing is expected for Tuesday.

The preferreds are callable on or after April 2016.

Bookrunners are Citigroup Global Markets Inc., Merrill Lynch and Wells Fargo Securities LLC.

The senior co-manager is UBS Securities LLC, and junior co-managers are RBC Capital Markets and Credit Suisse Securities (USA) LLC.

Proceeds are being used to redeem depository shares representing interest in 7.25% cumulative preferred shares, series I, at $25.00 per share, together with accrued and unpaid dividends.

The real estate investment trust of storage facilities is based in Glendale, Calif.

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