Public Storage Prices Public Offering of Senior Notes
April 10 2019 - 4:22PM
Business Wire
Tom Boyle, 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 $500 million aggregate
principal amount of Senior Notes due 2029 (the “Notes”). The Notes
will bear interest at an annual rate of 3.385%, will be issued at
99.998% of par value and will mature on May 1, 2029. Interest on
the Notes is payable semi-annually on May 1 and November 1 of each
year, commencing November 1, 2019. The offering is expected to
close on April 12, 2019, 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.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated and Wells Fargo Securities 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: Citigroup
Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or
email: prospectus@citi.com; 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 REIT that primarily acquires, develops, owns and operates
self-storage facilities. The Company’s headquarters are located in
Glendale, California. At December 31, 2018, we had interests in
2,429 self-storage facilities located in 38 states with
approximately 162 million net rentable square feet in the United
States and we owned a 35.2% common equity interest in Shurgard Self
Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage
facilities located in seven Western European nations with
approximately 13 million net rentable square feet operated under
the “Shurgard” brand. We also own 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
at December 31, 2018.
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, 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 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: https://www.businesswire.com/news/home/20190410005847/en/
Ryan Burke(818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
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