Public Storage (PSA) sold a decent sized note issue today–$500 million with maturity in 2026 with a coupon of .875%. Pricing term sheet is here.
I wonder if PSA is going to start taking on more debt and move away from preferred stock financing? The ‘use of proceeds’ in the prospectus indicates that proceeds may be used to call preferred stock–next issue not redeemable until 5/17/2021 and then 8/1/2021 (the 5.40% PSA-B issue is already called for 1/20/2021). The company is under pressure from Elliott International and has recently “refreshed” the board of directors (their words).
The new ‘term preferred’ issue from Gladstone Land (LAND) is trading OTC under ticker LANPP–with a coupon of 5% I was not expecting much in terms or share price increase, but the issue took a jump today to close at $25.25. I may own a little of this–haven’t checked the limit order (small order) I had in yet.
The new investment grade perpetual preferred issue from Brookfield Infrastructure Partners (BIP) is trading under BIPFF and closed today at $24.87. With a coupon of 5% and being perpetual there may not be much juice in this one to move higher.
j mentioned today that Citigroup (C) has called for redemption their $25 6.3% non cumulative preferred (C-S) and a partial redemption of the series R 6.125 fixed to floating (not publicly traded).