Public Storage greenshoe lifts 6.5% preferreds to $345 million

By Melissa Kory

Cleveland, May 5 - Public Storage Inc. said that underwriters exercised their over-allotment option in part, lifting its offering of depositary shares to 13.8 million shares at $25 per share, or $345 million.

Each depositary share represents 1/1,000 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 at par of $25.

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.

Bank of America Merrill Lynch was the bookrunner.

On Wednesday, the company issued an additional 1.2 million of the preferreds at par for $30 million.

Public Storage is a Glendale, Calif.-based REIT.

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