By James McCandless
San Antonio, Aug. 11 – Public Storage priced a $200 million offering of $25-par series M cumulative preferred shares with a dividend of 4.125%, according to an FWP filing with the Securities and Exchange Commission.
There is a $30 million greenshoe.
The deal, announced Monday morning, was upsized from an initial $100 million and came in under talks for a dividend in the 4.375% to 4.5% area.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC were the bookrunners.
Dividends are payable on March 31, June 30, Sept. 30 and Dec. 31, starting on Dec. 31, 2020.
The preferreds are redeemable on or after Aug. 14, 2025 at par.
Public Storage plans to use the proceeds 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, including the redemption of its preferred shares.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “PSAPrM.”
Public Storage is a Glendale, Calif.-based real estate investment trust.
| Issuer: | Public Storage
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| Description: | Series M cumulative preferred shares
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| Amount: | $200 million, or 8 million shares
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| Greenshoe: | $30 million, or 1.2 million shares
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| Maturity: | Perpetual
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| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
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| Dividend: | 4.125%
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| Price: | Par of $25.00
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| Yield: | 4.125%
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| Call: | On or after Aug. 14, 2025 at par
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 14
|
| Distribution: | SEC registered
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| Listing: | NYSE: PSAPrM
|
| Talk: | 4.375% to 4.5% area
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