Public Storage offers at least $150 million of cumulative preferred stock talked at 5.25% area

By Stephanie N. Rotondo

Phoenix, Jan. 7 - Public Storage is planning to issue at least $150 million of series W cumulative preferred shares of beneficial interest, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

The preferreds will be sold as depositary shares representing a 1/1,000th interest.

Price talk was in the 5.25% area, which was revised from earlier talk of 5.25% to 5.375%, according to a trader.

Expected ratings are A3 from Moody's Investors Service, BBB+ from Standard & Poor's and A- from Fitch Ratings.

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 in January 2018 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust intends to list the new preferreds on the New York Stock Exchange under the ticker symbol "PSAPW."

Proceeds will be used to pay down a revolving credit facility and for 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.