GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage ("Public Storage" or the "Company") (NYSE:PSA) announced
today that it has accepted for purchase the principal amount of its
7.75% Notes due 2011 and 5.875% Notes due 2013 (collectively,
the "Notes") of its subsidiary, Shurgard Storage Centers, LLC, set forth
below, that were validly tendered pursuant to its previously announced
fixed price cash tender offer for such Notes (the "Tender Offer"). The
Tender Offer expired at 5:00 p.m., New York City time, on Tuesday,
February 10, 2009. Payment for the Notes purchased pursuant to the
Tender Offer is expected to be made on Thursday, February 12, 2009. The
aggregate consideration for the Notes accepted for payment, including
accrued and unpaid interest, is $113,070,648.
CUSIP Number Security Description Aggregate Principal Amount
Accepted for Purchase
82567DAE4 7.75% Notes due 2011 $96,683,000
82567DAF1 5.875% Notes due 2013 $13,540,000
The Tender Offer was made pursuant to the Offer to Purchase and the
related Letter of Transmittal dated February 3, 2009.
This press release is neither an offer to purchase nor a solicitation to
buy any of these Notes, nor is it a solicitation for acceptance of the
Tender Offer.
Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as the Dealer
Managers for the Tender Offer.
About Public Storage
Public Storage, a member of the S&P 500 and The Forbes Global 2000, is a
fully integrated, self-administered and self-managed real estate
investment trust that primarily acquires, develops, owns and operates
self-storage facilities. The Company's headquarters are located in
Glendale, California. At September 30, 2008, the Company had interests
in 2,017 self-storage facilities located in 38 states with approximately
127 million net rentable square feet in the United States and 179
storage facilities in seven Western European nations with approximately
nine million net rentable square feet. Additional information about
Public Storage is available on our website, www.publicstorage.com.
Forward-looking statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are subject to a number of risks and uncertainties, many of which are
beyond Public Storage's control, which could cause actual results to
differ materially from those set forth in, or implied by, such
forward-looking statements. All statements other than statements of
historical fact included in this press release are forward-looking
statements and speak only as of the date of this press release. Public
Storage undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Risks and uncertainties that could impact these
forward-looking statements include without limitation, possible changes
and timing and consummation of the tender offer and other matters
detailed in Public Storage's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2007, and subsequent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
Source: Public Storage
Contact: Public Storage
Clemente Teng, 818-244-8080