By Angela McDaniels
Tacoma, Wash., July 19 - Public Storage priced a $425 million offering of depositary shares representing 1/1,000 of a 6.35% cumulative preferred share of beneficial interest, series R, according to a company news release published late Tuesday evening.
The 17 million depositary shares will be sold for $25 each.
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the book-running managers. J.P. Morgan Securities LLC and RBC Capital Markets LLC are the co-managers.
The company said the $425 million size assumes no exercise of the underwriters' over-allotment option.
According to a 424B5 filed with the Securities and Exchange Commission earlier in the day, the depositary shares will be callable at $25 after five years, and the company will apply to list them on the New York Stock Exchange under the symbol "PSAPrR."
The proceeds are expected to be used to redeem the company's 7.25% cumulative preferred shares, series K.
Public Storage is a Glendale, Calif.-based real estate investment trust focused on self-storage facilities.
| Issuer: | Public Storage
|
| Issue: | Depositary shares representing 1/1,000 of a cumulative preferred share of beneficial interest, series R
|
| Amount: | $425 million
|
| Depositary shares: | 17 million
|
| Price: | $25 per depositary share
|
| Dividends: | 6.35%
|
| Call option: | At $25 after five years
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | J.P. Morgan Securities LLC and RBC Capital Markets LLC
|
| Pricing date: | July 19
|
| Settlement date: | July 26
|
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