By Cristal Cody
Tupelo, Miss., April 10 – Public Storage priced $500 million of 3.385% 10-year senior notes (A2/A) on Wednesday at 99.998 to yield 3.385%, or 92 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Citigroup Global Markets Inc., BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to make investments in 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: | $500 million
|
| Description: | Senior notes
|
| Maturity: | May 1, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., BofA Merrill Lynch and Wells Fargo Securities LLC
|
| Coupon: | 3.385%
|
| Price: | 99.998
|
| Yield: | 3.385%
|
| Spread: | Treasuries plus 92 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Feb. 1, 2029; thereafter at par
|
| Trade date: | April 10
|
| Settlement date: | April 12
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
| Marketing: | Fixed income investor calls
|
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