Public Storage to price $100 million $25-par cumulative preferreds in 5.75% area

By James McCandless

San Antonio, Feb. 28 – Public Storage plans to price a $100 million offering of $25-par series H cumulative preferred shares with a dividend in the 5.75% area, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

The preferreds are redeemable after five years.

Public Storage plans to use the proceeds to make investments in self-storage facilities, including development, interests in partnerships and other entities and mortgage loans, and for general corporate purposes, including repayment of debt and the redemption of outstanding securities.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “PSAPrH.”

Public Storage is a Glendale, Calif.-based real estate investment trust specializing in 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.