By Stephanie N. Rotondo
Phoenix, April 9 - Public Storage priced a $50 million reopening of its 6.375% series Y cumulative preferred stock, according to an FWP filed with the Securities and Exchange Commission on Wednesday.
The Glendale, Calif.-based real estate investment trust originally sold $235 million of the preferreds in March. The securities were issued as $25 depositary shares representing a 1/1,000th interest in a preferred.
BofA Merrill Lynch, Jefferies LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunning managers for the reopening.
The underwriters subscribed for 400,000 shares each.
The preferreds can be redeemed on or after March 17, 2019 at par plus accrued dividends.
Dividends are payable quarterly.
Proceeds will be used to repay a portion of a 1.0545% term loan with Wells Fargo NA that comes due Dec. 2, 2014.
| Issuer: | Public Storage
|
| Securities: | Series Y cumulative preferred stock
|
| Amount: | $50 million, or 2 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Jefferies LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC
|
| Dividend: | 6.375%
|
| Price: | Par of $25
|
| Yield: | 6.375%
|
| Call option: | On or after March 17, 2019 at par plus accrued dividends
|
| Pricing date: | April 9
|
| Settlement date: | April 10
|
| Listing: | NYSE: PSAPY
|
| Cusip: | 74460W842
|
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