Public Storage subsidiary PSOC to issue $1.0B senior notes in two tranches

Public Storage

PSOC to issue $700M floating rate senior notes due 2027 at SOFR+70bps, 100% of par.
PSOC to issue $300M additional 5.350% senior notes due 2053 at 98.249% of par.
Notes are guaranteed by Public Storage; expected closing April 16, 2024.
Net proceeds to repay $700M floating rate notes due 2024 and 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 0.95

Public Storage entered into Underwriting Agreement with Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC valued at $1.0 billion aggregate principal amount of senior notes (effective 2024-04-09).

Action: entry
Agreement: underwriting
Counterparty: Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
Value: $1.0 billion aggregate principal amount of senior notes
Effective: 2024-04-09

Exact text from the filing

On April 9, 2024, Public Storage (the “Company”) and Public Storage Operating Company, a subsidiary of the Company (“PSOC”), entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as joint book-running managers of the several underwriters named therein (the “Underwriters”), for the sale of $1.0 billion aggregate principal amount of senior notes in two tranches (collectively, the “Notes”).

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Source: SEC EDGAR

accession 0001193125-24-092182

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