By Cristal Cody
Tupelo, Miss., Sept. 13 – Public Storage sold $1 billion of senior notes (A2/A) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 2.37% five-year notes at par to yield a spread of Treasuries plus 60 basis points.
Public Storage sold $500 million of 3.094% 10-year notes at par with a Treasuries plus 90 bps spread.
Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and UBS Securities LLC were the bookrunners.
Proceeds will be used to make investments in self-storage facilities and in entities that own self-storage facilities, to develop self-storage facilities and for general corporate purposes.
Public Storage is a Glendale, Calif., real estate investment trust that acquires, develops, owns and operates self-storage facilities.
| Issuer: | Public Storage
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and UBS Securities LLC
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 2.37%
|
| Price: | Par
|
| Yield: | 2.37%
|
| Spread: | Treasuries plus 60 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps before Aug. 15, 2022; thereafter at par
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2027
|
| Coupon: | 3.094%
|
| Price: | Par
|
| Yield: | 3.094%
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before June 15, 2027; thereafter at par
|
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