Public Storage to sell at least $150 million perpetual preferreds; price talk around 6.5%

By Stephanie N. Rotondo

Phoenix, March 10 - Public Storage plans to price an offering of at least $150 million series Y cumulative perpetual preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is around 6.5%, a trader said. The preferreds will be issued as depositary shares representing a 1/1,000th interest.

Dividends will be paid quarterly. The company can redeem the preferreds in March 2019 at par plus accrued dividends.

The preferreds will be listed on the New York Stock Exchange under the ticker symbol "PSAPY."

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

The Glendale, Calif.-based real estate investment trust intends to use the proceeds to repay a portion of the company's term loan with Wells Fargo NA.

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