Public Storage offering cumulative preferreds talked at 5.875%-6%

By Stephanie N. Rotondo

Phoenix, Nov. 20 – Public Storage plans to price series A cumulative perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

Price talk is 5.875% to 6%, according to a market source.

The preferreds will be issued as depositary shares representing a 1/1,000th interest.

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

Dividends will be payable on a quarterly basis, commencing March 31.

The preferreds become redeemable December 2019 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust intends to list the new securities on the New York Stock Exchange under the ticker symbol “PSAPA.”

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

© 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.