By Stephanie N. Rotondo
Seattle, July 13 – Public Storage sold $300 million of 4.95% series D cumulative preferred shares on Wednesday at par of $25.00, a syndicate source reported.
Price talk was 4.95% to 5%, according to a market source.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
Dividends will be payable on the last day of March, June, September and December, beginning Sept. 30. The preferreds become redeemable on or after July 20, 2021 at par plus accrued dividends.
The Glendale, Calif.-based real estate investment trust will use 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.
| Issuer: | Public Storage
|
| Securities: | Series D cumulative preferred stock
|
| Amount: | $300 million, or 12 million shares
|
| Greenshoe: | $45 million, or 1.8 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC
|
| Co-manager: | Citigroup Global Markets Inc.
|
| Dividend: | 4.95%
|
| Price: | Par of $25.00
|
| Yield: | 4.95%
|
| Talk: | 4.95% to 5%
|
| Call options: | On or after July 20, 2021 at par plus accrued dividends
|
| Pricing date: | July 13
|
| Settlement date: | July 20
|
| Expected listing: | NYSE: PSAPD
|
| Cusip: | 74460W735
|
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