Public Storage subsidiary issues $700M floating rate + $300M 5.35% notes; €150M private placement

Public Storage

PSOC issued $700M Floating Rate Senior Notes due 2027 (SOFR+0.70%) and $300M 5.350% Senior Notes due 2053, guaranteed by Public Storage.
Issued €150M 4.08% Senior Notes due 2039 via private placement; proceeds used to repay €100M 1.54% notes due April 12, 2024.
Floating Rate Notes mature April 16, 2027; 2053 Notes mature Aug 1, 2053; 2039 Notes mature April 11, 2039.
Covenants include maintaining total unencumbered assets ≥125% of unsecured debt and ratio of unencumbered asset value to unsecured indebtedness.
Parent guarantee by Public Storage covers all three note offerings under indentures and note purchase agreement.

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 Senior Notes Offering with Computershare Trust Company, N.A. valued at $1,000,000,000 (effective 2024-04-16).

Action: entry
Agreement: notes offering
Counterparty: Computershare Trust Company, N.A.
Value: $1,000,000,000
Effective: 2024-04-16

Exact text from the filing

On April 16, 2024, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $700 million Floating Rate Senior Notes due 2027 (the “Floating Rate Notes”) and $300 million 5.350% Senior Notes due 2053 (the “2053 Notes” and, together with the Floating Rate Notes, the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Public Storage entered into Note Purchase Agreement with the Purchasers valued at €150,000,000 (effective 2024-04-11).

Action: entry
Agreement: notes offering
Counterparty: the Purchasers
Value: €150,000,000
Effective: 2024-04-11

Exact text from the filing

On April 11, 2024, PSOC entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with the purchasers thereto (the “Purchasers”), pursuant to which PSOC issued senior unsecured notes due April 11, 2039 (the “2039 Notes”) in an aggregate principal amount of €150,000,000.

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419 material agreements filed in the last 30 days. Browse all material agreements →

Public Storage filing history →

Source: SEC EDGAR

accession 0001193125-24-097761

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