Giant self storage REIT Public Storage (PSA) has announced the offering of a new issue of perpetual preferred stock.
This issue will be cumulative, non qualified and investment grade rated.
The company may use the proceeds of this offering to redeem the 5.375% perpetual preferred (PSA-V) which has been redeemable since 9/20/2017.
The new issue will have a permanent ticker of PSA-L when it hits the permanent exchange after a stint on the OTC grey market (temporary ticker not yet announced).
The preliminary prospectus can be found here.
All of the outstanding Public Storage issues can bne seen here.
Thanks to mcg for being on this early and for EarlyBird for posited ‘yield talk’ in the 4.75% area.