By Stephanie N. Rotondo
Portland, Ore., April 29 - Public Storage priced a $30 million add-on offering of depositary shares, according to an FWP filed with the Securities and Exchange Commission on Friday.
The company will sell 1.2 million of the depositary shares, which each represent 1/1000th of a 6.5% cumulative preferred share of beneficial interest, series Q.
Public Storage originally sold $325 million of the 6.5% perpetual preferreds on April 5.
The depositary shares are being issued at $25 each plus accrued dividends from April 14.
The depositary shares cannot be redeemed until April 14, 2016, except in order for Public Storage to preserve its status as a real estate investment trust.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the bookrunner. Settlement is expected by May 4.
Public Storage is a Glendale, Calif.-based REIT.
| Issuer: | Public Storage
|
| Securities: | Depositary shares representing 1/1000th of a 6.5% cumulative preferred share of beneficial interest, series Q
|
| Amount: | $30 million
|
| Shares: | 1.2 million
|
| Price: | $25 plus accrued dividends from April 14
|
| Dividends: | 6.5%
|
| Call option: | On or after April 14, 2016
|
| Bookrunner: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Pricing date: | April 29
|
| Settlement date: | May 4
|
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