Public Storage’s 5.125% series C cumulative preferreds scheduled to list on NYSE Wednesday

By Stephanie N. Rotondo

Seattle, May 16 – Public Storage’s $200 million of 5.125% series C cumulative preferred stock are slated to trade on the New York Stock Exchange on Wednesday, according to a market source.

The ticker will be “PSAPC.” The deal priced May 10.

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

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunning managers. Each subscribed for 2 million shares apiece.

Dividends are payable on the last day of March, June, September and December, beginning June 30. The preferreds become redeemable May 17, 2021 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust intends to use the proceeds for investment and general corporate purposes.

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