Public Storage Prices Public Offering of Senior Notes
January 14 2021 - 5:07PM
Business Wire
Tom Boyle, 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 2026 (the “Notes”). The Notes will bear interest
at an annual rate of 0.875%, will be issued at 99.817% of par value
and will mature on February 15, 2026. Interest on the Notes is
payable semi-annually on February 15 and August 15 of each year,
commencing August 15, 2021. The offering is expected to close on
January 19, 2021, subject to the satisfaction of 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, including the
redemption of its preferred shares.
BofA Securities, Inc., J.P. Morgan 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 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: BofA Securities, Inc., 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@bofa.com; J.P. Morgan Securities LLC, 383
Madison Avenue, New York, New York 10179, Attention: Investment
Grade Syndicate Desk, telephone: 212-834-4533; 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. At September 30, 2020, we had: (i)
interests in 2,504 self-storage facilities located in 38 states
with approximately 171 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 239
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 28 million rentable square feet of
commercial space at September 30, 2020. 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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version on businesswire.com: https://www.businesswire.com/news/home/20210114006021/en/
Ryan Burke (818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
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