Public Storage (NYSE:PSA) has priced their new preferred issue with a fixed rate coupon of 5.60%.
Of course the issue is perpetual, cumulative and NON qualified.
The issue is strongly investment grade with a rating of BBB+ from S&P and A3 from Moodys.
They will sell 11.4 million shares. The optional redemption period starts 3/11/2024.
PSA has 12 other preferred issues outstanding with coupons ranging from a low of 4.90% to a high of 6%.
The new issue will trade with the permanent ticker symbol of PSA-H when trading hits the big board.
The issue will trade immediately on the OTC Grey market under the ticker of PSALL.