PS Business Parks to sell New Preferred Issue

REIT PS Business Parks (PSB) will be selling a new preferred stock issue. PS Business Parks is a sister company to giant storage REIT Public Storage (PSA).

The company has 5 issues currently outstanding which can be seen here. As you can see there are 2 issues currently outstanding with coupons of 5.70% and 5.75%—both issues are trading lower today. The company has announced the intention of redeeming the 5.75% PSB-U issue.

Given the investment grade rating on the company we see a 5.25% coupon being likely (plus or minus 1/8%)

The preliminary prospectus can be found here.

mcg was right on this new issue an hour ago on the Reader Initiated Alerts here.

7 thoughts on “PS Business Parks to sell New Preferred Issue”

  1. I’m expecting 5% or lower. The W, X, and Y preferreds are all trading over $26 with 5.20-5.25% coupons.

  2. Too much paper guys. Too much paper. The moment of truth (glut) is coming.
    Raising cash. Tempted to redeploying in shorting TSLA but that’s another story.

    1. As they say “all gaps up or down are eventually closed”, it’s the ‘eventually’ that creates the stomach acid. As long as it’s not your grocery money go for it. 🙂

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