Public Storage issues $2.2B in senior notes across four tranches

Public Storage

$400M floating-rate notes at SOFR+60 bps, due July 2025 (100% par).
$500M 5.125% notes due Jan 2029 at 99.917% of par.
$700M 5.100% notes due Aug 2033 at 99.828% of par.
$600M 5.350% notes due Aug 2053 at 99.732% of par.
Underwriting managed by BofA Securities and J.P. Morgan; proceeds for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Public Storage entered into Underwriting Agreement with BofA Securities, Inc. and J.P. Morgan Securities LLC, as managers of the several underwriters named therein valued at $2.2 billion aggregate principal amount (effective 2023-07-24).

Action: entry
Agreement: underwriting
Counterparty: BofA Securities, Inc. and J.P. Morgan Securities LLC, as managers of the several underwriters named therein
Value: $2.2 billion aggregate principal amount
Effective: 2023-07-24

Exact text from the filing

On July 24, 2023, Public Storage (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”), between the Company and BofA Securities, Inc. and J.P. Morgan Securities LLC, as managers of the several underwriters named therein (the “Underwriters”), for the sale of $2.2 billion aggregate principal amount of senior notes in four tranches (collectively, the “Notes”).

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Public Storage filing history →

Source: SEC EDGAR

accession 0001193125-23-193627

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