Public Storage Prices Inaugural Public Offering of Senior Notes
September 13 2017 - 5:12PM
Business Wire
John Reyes, Senior Vice President and Chief Financial Officer of
Public Storage (NYSE:PSA, the “Company”), announced today that the
Company has priced a public offering of $1.0 billion in aggregate
principal amount of Senior Notes in two tranches. The first tranche
of $500.0 million aggregate principal amount of Senior Notes due
2022 will bear interest at an annual rate of 2.370%, will be issued
at par value and will mature on September 15, 2022. The second
tranche of $500.0 million aggregate principal amount of Senior
Notes due 2027 will bear interest at an annual rate of 3.094%, will
be issued at par value and will mature on September 15, 2027 (the
first tranche and second tranche together referred to as, the
“Notes”). Interest on the Notes is payable semi-annually on March
15 and September 15 of each year, commencing March 15, 2018. The
offering is expected to close on September 18, 2017, subject to
customary closing conditions. The Company expects to use the net
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.
Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Wells Fargo Securities, LLC, Citigroup
Global Markets Inc., Goldman Sachs & Co. LLC and UBS Securities
LLC acted as joint book-running managers of the offering. This
announcement shall not constitute an offer to sell or a
solicitation of an offer to buy these securities nor shall there be
any offer or sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful. The
offering is being made pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission (the
“SEC”) and only by means of a prospectus and prospectus supplement.
Investors may obtain these documents for free by visiting EDGAR on
the SEC’s website at www.sec.gov. Alternatively, copies of the
prospectus and prospectus supplement may be obtained by contacting:
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, NY 10014, Attn: Prospectus Department; Merrill Lynch, Pierce,
Fenner & Smith Incorporated, 200 North College Street,
NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus
Department, telephone: 1-800-294-1322 or email:
dg.prospectus_requests@baml.com; or Wells Fargo Securities, LLC,
608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS
Customer Service, telephone: 1-800-645-3751 or email:
wfscustomerservice@wellsfargo.com.
Company Information
Public Storage, a member of the S&P 500 and FT Global 500,
is a fully integrated, self-administered and self-managed real
estate investment trust that primarily acquires, develops, owns and
operates self-storage facilities. The Company’s headquarters are
located in Glendale, California. At June 30, 2017, the Company had
interests in 2,358 self-storage facilities located in 38 states
with approximately 156 million net rentable square feet in the
United States and 220 storage facilities located in seven
Western European nations with approximately 12 million net
rentable square feet operated under the “Shurgard” brand. The
Company also owns a 42% common equity interest in PS Business
Parks, Inc. (NYSE:PSB) which owned and operated approximately 28
million rentable square feet of commercial space, primarily flex,
multi-tenant office and industrial space, at June 30, 2017.
Forward-Looking
Statements
When used within this press release, the words “expects,”
“believes,” “anticipates,” “plans,” “would,” “should,” “may,”
“estimates” and similar expressions are intended to identify
“forward-looking statements,” including but not limited to,
statements about the completion and timing of the proposed offering
of securities by the Company and the use of net proceeds of such
offering. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors, which may cause our actual
results to be materially different from those expressed or implied
in the forward-looking statements. Such factors include market
conditions and the demand for the Company’s preferred securities
and risks detailed in the Company’s prospectus and prospectus
supplement filed with the SEC in connection with this offering and
in the Company’s SEC reports, including quarterly reports on Form
10-Q, current reports on Form 8-K and annual reports on Form 10-K.
We undertake no obligation to publicly update or revise
forward-looking statements which may be made to reflect events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170913006528/en/
Public StorageClemente Teng(818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
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