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).
Thanks to mcg for being on this early and for EarlyBird for posited ‘yield talk’ in the 4.75% area.