PS Business Parks, Inc. Announces Pricing of 5.20% Cumulative Preferred Stock, Series Y
November 30 2017 - 4:02PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced today that it has
priced a public offering of 8,000,000 depositary shares, each
representing 1/1,000th of a share of the Company’s 5.20% Cumulative
Preferred Stock, Series Y at $25.00 per share. The offering is
expected to result in gross proceeds of $200 million and is
expected to close on or about December 7, 2017, subject to the
satisfaction of customary closing conditions.
The Company intends to apply to have the depositary shares
listed on the New York Stock Exchange under the symbol "PSBPrY.” If
this application is approved, trading of the depositary shares is
expected to begin within 30 days following the initial delivery of
the depositary shares.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, UBS Securities LLC and Wells Fargo
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 will be made only by means of a prospectus
and prospectus supplement, copies of which may be obtained by
contacting: 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; Morgan Stanley & Co.
LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn:
Prospectus Department; UBS Securities LLC, 1285 Avenue of the
Americas, New York, New York 10019, Attention: Prospectus
Department or by telephone 1-888-827-7275; 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
PS Business Parks, Inc., a member of the S&P SmallCap 600,
is a real estate investment trust (“REIT”) that acquires, develops,
owns and operates commercial properties, primarily multi-tenant
flex, office and industrial space. The Company defines “flex” space
as buildings that are configured with a combination of office and
warehouse space and can be designed to fit a number of uses
(including office, assembly, showroom, laboratory, light
manufacturing and warehouse space). As of September 30, 2017, the
Company wholly owned 28.0 million rentable square feet with
approximately 4,950 customers in six states and a 95.0% interest in
395 apartments.
Forward-Looking
Statements
When used within this press release, the words “expects,”
“anticipates,” “intends” and similar expressions are intended to
identify “forward-looking statements,” including but not limited
to, statements about the completion, timing and size 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 the
proposed offering and in the Company’s SEC reports, including
quarterly reports on Form 10-Q, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171130006144/en/
PS Business Parks, Inc.Maria R. Hawthorne(818) 244-8080, Ext.
1370
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Mar 2024 to Apr 2024
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Apr 2023 to Apr 2024