Public Storage prices public offering of senior notes (NYSE:PSA)
Press Room
Public Storage (NYSE:PSA) on Tuesday said that its unit, Public Storage Operating Company, priced a public offering of $1 billion aggregate principal amount of senior notes.
The notes would be issued in two tranches with an initial weighted average interest rate of about 5.8%.
The first tranche of $700 million aggregate principal amount of floating rate senior notes due 2027 would bear interest at a rate equal to Compounded SOFR, reset quarterly, plus 70 basis points, will be issued at 100.000% of par value and will mature on April 16, 2027.
The second tranche of $300 million aggregate principal amount of fixed rate senior notes due 2053 will bear interest at an annual rate of 5.350%, will be issued at 98.249% of par value and will mature on August 1, 2053.
Public Storage said it expects to use the net proceeds to repay our outstanding $700 million in aggregate principal amount of our floating rate senior notes due 2024 and for general corporate purposes.
