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Public Storage greenshoe exercised in full, ups 4% preferreds
By Cristal Cody
Chicago, June 10 – Public Storage announced that underwriters of its recent issue of 4% $25-par cumulative preferred shares, series P, have fully exercised their over-allotment option on Wednesday, according to a market source and an 8-K filing with the Securities and Exchange Commission.
The 30-day greenshoe was for an additional $78.75 million, or 3.15 million depositary shares.
On Monday, Public Storage priced an upsized offering for $525 million.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Dividends are payable on March 31, June 30, Sept. 30 and Dec. 31 of each year, starting on Sept. 30, 2021.
The preferreds are redeemable after five years at par.
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, including the redemption of the company’s 5.125% cumulative preferred shares, series C.
The company intends to list the new preferreds on the New York Stock Exchange under the symbol “PSAPrP.”
Public Storage is a Glendale, Calif.-based storage-focused real estate investment trust.
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