Public Storage talks cumulative preferred stock at 6% to 6.125%

By Stephanie N. Rotondo

Phoenix, May 28 - Public Storage set talk at 6% to 6.125% for a planned offering of at least $150 million of cumulative preferred shares (expected ratings: A3/BBB+/A), according to a trader.

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

The offering will be Public Storage's series Z cumulative preferred shares of beneficial interest, according to a prospectus filed with the Securities and Exchange Commission on Wednesday. The preferreds will be sold as depositary shares representing a 1/1,000th interest.

Dividends will be payable quarterly beginning Sept. 30.

The preferreds will be callable beginning June 2019 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust will apply to list the securities on the New York Stock Exchange under the ticker symbol "PSAPZ."

Proceeds will be used to make investments in self-storage facilities and in entities that own self-storage facilities, as well as for general corporate purposes.

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