Public Storage Prices Public Offering of Euro-Denominated Senior Notes
02 Settembre 2021 - 11:48PM
Business Wire
Tom Boyle, 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 €700 million aggregate
principal amount of Senior Notes due 2030 (the “Notes”). The Notes
will bear interest at an annual rate of 0.500%, will be issued at
99.388% of par value and will mature on September 9, 2030. Interest
on the Notes is payable annually on September 9 of each year,
commencing September 9, 2022. The offering is expected to close on
September 9, 2021, 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.
The issuance reflects continuing execution of Public Storage’s
strategy to pair euro-denominated senior notes with its 35% common
equity interest in Shurgard Self-Storage SA (Euronext
Brussels:SHUR), which owned 243 self-storage facilities located in
seven Western European nations at June 30, 2021. Since 2015, Public
Storage has issued $5.8 billion of unsecured notes at a 1.7%
average rate to fund its strategic growth along with free cash
flow.
Merrill Lynch International, Morgan Stanley & Co.
International plc and UBS AG London Branch 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: Merrill Lynch
International, 1-800-294-1322; Morgan Stanley & Co.
International plc, 25 Cabot Square, Canary Wharf, London E14 4QA,
Attention: MS Prospectus Delivery, telephone: 020-7677-7799 or
email: prospectus@morganstanley.com; or UBS AG London Branch, 5
Broadgate, London EC2M 2QS, Attention: MTN Desk, telephone: +44 20
7567 2477 or email: ol-emtndesk-london@ubs.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 June 30, 2021, we had: (i) interests in
2,649 self-storage facilities located in 39 states with
approximately 184 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 243
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 June 30, 2021. 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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