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Public Storage Prices New Preferred Issue

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.

The pricing term sheet can be read here.

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