The OTC grey market ticker is PASQV. Look for this to change in a day or so to PASQP (just guessing).
Storage giant REIT Public Storage (PSA) has priced a new issue of preferred stock.
The issue prices at 3.95% for 5 million shares with another 750,000 shares available for over allotment. This is not a typical PSA issue as it is much smaller.
Of course the issue is strongly investment grade with BBB+ from S&P and A3 from Moody’s.
The company may use the proceeds to redeem the 4.90% PSA-E issue which becomes redeemable on 10/14/2021, although the PSA-E issue is much larger than the new issue (14 million shares).
The OTC grey market ticker has not been announced.
J was on this one early this morning.