7/5/2025
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Self storage giant Public Storage (PSA) has announced the pricing of their new preferred issue.
The coupon will be 4.75%, which is in line with the other recent issues from PSA. Proceeds are to redeem the 5.875% PSA-A issue on 12/30/2019.
Being a REIT the issue is cumulative and non qualified.
The issue is rated A3 from Moodys and
BBB+ by S&P.
Trading begins immediately on the OTC Grey market under ticker PBSGZ.
Finally the final prospectus for the new Gabelli Equity Trust (GAB) preferred has been posted.
As everyone knows the coupon is 5% with an early redemption available to the company in 2024.
Issue is cumulative and likely qualified (this is not guaranteed and various dividends may not be qualified–some may be return of capital).
The company said they anticipated a Moodys rating of A1, but Moodys has no rating issued at this time–we shall see if it hits in a day or two.
While the official details of the new 5% perpetual preferred offering from CEF Gabelli Equity Trust (GAB) are still not posted on the SEC website we do have a OTC Grey Market ticker.
The ticker is GBLQP. It doesn’t appear to be available at eTrade or Fidelity right now. It will likely be available tomorrow everywhere.
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.
All of their outstanding issues can be seen here.
The issue will be investment grade.
The preliminary prospectus can be found here
Thanks to mcg, EarlyBird and if you prefer–all right on top of the announcement.
The Gabelli Equity Trust (GAB), a closed end fund, has announced the pricing of their new issue of perpetual preferred stock.
As the SEC paperwork has not been filed many details are unknown–we will post details when they are released.
The issue prices at 5%. 4 million shares are being sold.