Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
June 08 2020 - 5:19PM
Edgar (US Regulatory)
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-231510
June 8, 2020
PUBLIC
STORAGE
20,000,000 DEPOSITARY SHARES
EACH REPRESENTING 1/1000 OF A 4.625% CUMULATIVE
PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES L
Final Term Sheet
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Issuer:
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Public Storage (PSA)
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Security:
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Depositary Shares Each Representing 1/1000 of a 4.625% Cumulative Preferred Share of Beneficial Interest, Series L
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Size:
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20,000,000 depositary shares
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Over-allotment Option:
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3,000,000 depositary shares at $25.00 per depositary share
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Type of Security:
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SEC Registered—Registration Statement No. 333-231510
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Public Offering Price:
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$25.00 per depositary share; $500,000,000 total (not including over-allotment option)
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Underwriting Discounts:
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$0.7875 per share for Retail Orders; $7,005,600 total; and $0.50 per share for Institutional Orders; $5,552,000 total
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Proceeds to the Company, before expenses:
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$487,442,400 total (not including over-allotment option)
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Estimated Company Expenses:
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$1,100,000, other than the underwriting discounts
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Joint Book-Running Managers:
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BofA Securities, Inc.
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Morgan Stanley & Co. LLC
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UBS Securities LLC
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Wells Fargo Securities, LLC
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Co-Managers:
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Citigroup Global Markets Inc.
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J.P. Morgan Securities LLC
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Underwriting:
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Number of
Firm Shares
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BofA Securities, Inc.
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4,700,000
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Morgan Stanley & Co. LLC
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4,700,000
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UBS Securities LLC
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4,700,000
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Wells Fargo Securities, LLC
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4,700,000
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Citigroup Global Markets Inc.
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600,000
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J.P. Morgan Securities LLC
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600,000
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Total
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20,000,000
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Distribution Rights:
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4.625% of the liquidation preference per annum; Distributions begin on September 30, 2020 (prorated from the settlement date)
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Redemption:
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The depositary shares may not be redeemed until on or after June 17, 2025, except in order to preserve our status as a real estate investment trust.
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Trade Date:
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June 8, 2020
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Settlement Date:
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June 17, 2020 (T+7)
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Selling Concession:
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$0.50/depositary share for Retail Orders; $0.30/depositary share for Institutional Orders
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Reallowance to other dealers:
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$0.45/depositary share for Retail Orders
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CUSIP Number:
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74460W 552
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ISIN Number:
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US74460W5528
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The Issuer has filed a registration statement (including a prospectus with the SEC) and prospectus supplement for the
offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement, and other documents the issuer has filed with the SEC for more complete information about the
issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus or
prospectus supplement if you request it by calling or emailing (i) BofA Securities, Inc. toll-free 1-800-294-1322 or
dg.prospectus_requests@bofa.com; (ii) Morgan Stanley & Co. LLC toll-free 1-866-718-1649; (iii) UBS Securities
LLC toll-free 1-888-827-7275; or (iv) Wells Fargo Securities, LLC toll-free 1-800-645-3751.
Any disclaimers or other notices that may appear
below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.
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