Storage REIT Public Storage (PSA) has announced the issuance of a perpetual preferred.
Previously the company had announced the redemption of the 5.875% PSA-A issue which became redeemable on 12/2. The redemption date is 12/30/2019.
The company had sold a preferred issue on 9/5/2019 with a coupon of 4.875%, PSA-I, and a 4.70% issue PSA-J on 11/5/2019 so we know this will be a darned low coupon.
The issue will be investment grade.
Thanks to mcg, EarlyBird and if you prefer–all right on top of the announcement.