By Stephanie N. Rotondo
Phoenix, Jan. 7 - Public Storage sold $450 million of 5.2% series W cumulative redeemable perpetual preferred shares of beneficial interest at par of $25.00, a market source told Prospect News on Monday.
The preferreds were sold as depositary shares representing a 1/1,000th interest.
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
The preferreds become redeemable on Jan. 16, 2018 at par plus accrued dividends.
The Glendale, Calif.-based real estate investment trust will use the proceeds to pay down a revolving credit facility and for general corporate purposes.
| Issuer: | Public Storage
|
| Securities: | Series W cumulative redeemable preferred shares of beneficial interest
|
| Amount: | $450 million, upsized from $150 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC
|
| Dividend: | 5.2%
|
| Price: | Par of $25.00
|
| Yield: | 5.2%
|
| Talk: | Initially 5.25% to 5.375%, then revised to 5.25% area
|
| Call option: | On or after Jan. 16, 2018 at par plus accrued dividends
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 16
|
| Expected ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch Ratings: A-
|
| Expected symbol: | NYSE: PSAPW
|
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