By Stephanie N. Rotondo
Phoenix, March 4 - Public Storage priced $200 million of 5.2% series X cumulative perpetual preferred stock at par of $25.00, a market source reported on Monday.
The preferreds will be issued as depositary shares representing a 1/1,000th interest, according to a filing with the Securities and Exchange Commission.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
Dividends will be payable quarterly, beginning June 30. The preferreds become callable on or after March 13, 2018 at par plus accrued dividends.
The Glendale, Calif.-based real estate investment trust intends to use the proceeds for general corporate purposes, which may include acquisition and development of self-storage facilities and investment in self-storage entities.
| Issuer: | Public Storage
|
| Securities: | Series X cumulative preferred stock
|
| Amount: | $200 million, or 8 million shares
|
| Greenshoe: | $30 million, or 1.2 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA 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: | Around 5.25%
|
| Call option: | On or after March 13, 2018 at par plus accrued dividends
|
| Pricing date: | March 4
|
| Settlement date: | March 13
|
| Expected listing: | NYSE: PSAPX
|
| Cusip: | 74460W107
|
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