Public Storage eyes four-part senior notes sale via three bookrunners

By Devika Patel

Knoxville, Tenn., April 14 – Public Storage expects to price senior notes in four tranches, according to a 424B5 filed with the Securities and Exchange Commission.

The lone tranche of floaters due 2024 is initially non-callable and then features a par call. One tranche of fixed-rate notes, due in 2024, will be initially non-callable and then will have a par call. The two remaining tranches of fixed-rate notes, due 2028 and 2031, feature a make-whole call initially and then a par call.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Scotia Capital (USA) Inc. are the co-managers.

Proceeds will be used to acquire 48 self-storage facilities currently owned and operated by ezStorage Corp. for an acquisition price of $1.8 billion and for general corporate purposes.

Public Storage is a Glendale, Calif., real estate investment trust that acquires, develops, owns and operates self-storage facilities.

© 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.