Public Storage plans offering of series X cumulative preferreds talked around 5.25%

By Stephanie N. Rotondo

Phoenix, March 4 - Public Storage has announced an offering of series X cumulative perpetual preferred stock.

The preferreds will be issued as depositary shares representing a 1/1,000th interest, according to a prospectus filed with the Securities and Exchange Commission.

Price talk is around 5.25%, a trader said.

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 redeemable in March 2018 at par plus accrued dividends.

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

Proceeds will be used for general corporate purposes, which may include acquisition and development of self-storage facilities and investment in self-storage entities.

© 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.