Public Storage Prices Inaugural Public Offering of Euro-Denominated Senior Notes
January 17 2020 - 4:00PM
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 an inaugural public offering of €500 million
aggregate principal amount of Senior Notes due 2032 (the “Notes”).
The Notes will bear interest at an annual rate of 0.875%, will be
issued at 99.502% of par value and will mature on January 24, 2032.
Interest on the Notes is payable annually on January 24 of each
year, commencing January 24, 2021. The offering is expected to
close on January 24, 2020, 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.
J.P. Morgan Securities plc, Morgan Stanley & Co.
International plc, Goldman Sachs & Co. LLC and UBS AG London
Branch 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:
J.P. Morgan Securities plc, 25 Bank Street, Canary Wharf, London
E14 5JP, United Kingdom, telephone: +44-207-134-2468; or Morgan
Stanley & Co. International plc, 25 Cabot Square, Canary Wharf,
London E14 4QA, Attention: MS Prospectus Delivery, telephone:
020-7677-7799 or email: prospectus@morganstanley.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. At September 30, 2019, we had: (i)
interests in 2,468 self-storage facilities located in 38 states
with approximately 167 million net rentable square feet in the
United States, (ii) an approximate 35% common equity interest in
Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231
self-storage facilities located in seven Western European nations
with approximately 13 million net rentable square feet operated
under the “Shurgard” brand and (iii) an approximate 42% common
equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned
and operated approximately 29 million rentable square feet of
commercial space at September 30, 2019. Our headquarters are
located in Glendale, California.
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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Ryan Burke (818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
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