Public Storage to sell series T cumulative redeemable preferred stock

By Stephanie N. Rotondo

Portland, Ore., March 5 - Public Storage plans to sell cumulative preferred shares of beneficial interest, series T, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers.

The underwriters will have an over-allotment option.

The preferreds will be issued as depositary shares representing 1/1,000th of an interest in the preferreds. The price will be $25 per depositary share.

Dividends will be paid quarterly, beginning June 30. The preferreds will not be redeemable until March 2017.

There is no stated maturity nor any sinking fund or mandatory redemption clause.

The Glendale, Calif.-based real estate investment trust will apply to list the depositary shares on the New York Stock Exchange under the symbol "PSAPT."

Proceeds will be used to make investments in self-storage facilities and in entities that own self-storage facilities, to redeem preferred securities and for other general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.