GLENDALE, Calif.--(BUSINESS WIRE)--
John Reyes, 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 $1.0 billion in aggregate principal amount
of Senior Notes in two tranches. The first tranche of $500.0 million
aggregate principal amount of Senior Notes due 2022 will bear interest
at an annual rate of 2.370%, will be issued at par value and will mature
on September 15, 2022. The second tranche of $500.0 million aggregate
principal amount of Senior Notes due 2027 will bear interest at an
annual rate of 3.094%, will be issued at par value and will mature on
September 15, 2027 (the first tranche and second tranche together
referred to as, the “Notes”). Interest on the Notes is payable
semi-annually on March 15 and September 15 of each year, commencing
March 15, 2018. The offering is expected to close on September 18, 2017,
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.
Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Wells Fargo Securities, LLC, Citigroup Global Markets
Inc., Goldman Sachs & Co. LLC and UBS 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: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
Floor, New York, NY 10014, Attn: Prospectus Department; 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 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 June 30, 2017, the Company had interests in 2,358
self-storage facilities located in 38 states with approximately 156
million net rentable square feet in the United States and 220 storage
facilities located in seven Western European nations with approximately
12 million net rentable square feet operated under the “Shurgard” brand.
The Company also owns 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, primarily flex, multi-tenant
office and industrial space, at June 30, 2017.
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 and timing 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 preferred 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170913006528/en/
Public Storage
Clemente Teng
(818) 244-8080, Ext. 1141
Source: Public Storage