Published on 4/5/2011 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Public Storage sells $325 million 6.5% perpetual preferreds at par
By Andrea Heisinger
New York, April 5 - Public Storage sold $325 million, or 13 million shares, of 6.5% perpetual cumulative preferred shares, series Q, on Tuesday at par of $25.00, according to a market source and an FWP filing with the Securities and Exchange Commission.
The preferreds were talked with a dividend in the range of 6.5% to 6.625%, a market source said when the deal was announced on Monday.
The preferreds (Baa1/BBB+/A-) are callable on or after April 14, 2016.
There is an over-allotment option of $48.75 million, or 1.95 million shares, to be used within 30 days.
Bookrunners were Citigroup Global Markets Inc., Merrill Lynch and Wells Fargo Securities LLC.
The senior co-manager was UBS Securities LLC, and the junior co-managers were RBC Capital Markets and Credit Suisse Securities (USA) LLC.
Co-managers were Fidelity Capital Markets, Janney Montgomery Scott LLC, Keefe, Bruyette & Woods, Inc., Morgan Keegan & Co., Inc., Oppenheimer & Co. Inc., Raymond James & Associates, Inc., Robert W. Baird & Co. Inc., Stifel, Nicolaus & Co., Inc., Ameriprise Financial Services, Inc., B.C. Ziegler & Co., BB&T Capital Markets LLC, D.A. Davidson & Co., Davenport & Co. LLC, InCapital LLC, J.J.B. Hilliard, W.L. Lyons, LLC, KeyBanc Capital Markets Inc., Pershing LLC, Williams Capital Group, LP, Wedbush Securities Inc. and William Blair & Co. 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.
| Issuer: | Public Storage
|
| Issue: | Cumulative preferred shares, series Q
|
| Amount: | $325 million (13 million shares)
|
| Greenshoe: | $48.75 million (1.95 million shares)
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup Global Markets Inc., Merrill Lynch, Wells Fargo Securities LLC
|
| Senior co-manager: | UBS Securities LLC
|
| Junior co-managers: | RBC Capital Markets, Credit Suisse Securities (USA) LLC
|
| Co-managers: | Fidelity Capital Markets, Janney Montgomery Scott LLC, Keefe, Bruyette & Woods, Inc., Morgan Keegan & Co., Inc., Oppenheimer & Co. Inc., Raymond James & Associates, Inc., Robert W. Baird & Co. Inc., Stifel, Nicolaus & Co., Inc., Ameriprise Financial Services, Inc., B.C. Ziegler & Co., BB&T Capital Markets LLC, D.A. Davidson & Co., Davenport & Co. LLC, InCapital LLC, J.J.B. Hilliard, W.L. Lyons, LLC, KeyBanc Capital Markets Inc., Pershing LLC, Williams Capital Group, LP, Wedbush Securities Inc., William Blair & Co. LLC
|
| Dividend: | 6.5%
|
| Price: | Par of $25.00
|
| Yield: | 6.5%
|
| Call: | On or after April 14, 2016
|
| Trade date: | April 5
|
| Settlement date: | April 14
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
| Price talk: | 6.5% to 6.625% dividend
|
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