By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Public Storage priced $500 million of 0.875% five-year senior notes on Thursday at 99.817 to yield 0.912%, or 43 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The notes are callable at a make-whole amount until Jan. 15, 2026 and then are callable at par.
Proceeds will be used to make investments in self-storage facilities and in entities that own self-storage facilities, to develop self-storage facilities and for general corporate purposes.
Public Storage is a Glendale, Calif.-based storage-focused real estate investment trust.
| Issuer: | Public Storage
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| Description: | Senior notes
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| Amount: | $500 million
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| Maturity: | Feb. 15, 2026
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| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
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| Coupon: | 0.875%
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| Price: | 99.817
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| Yield: | 0.912%
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| Spread: | Treasuries plus 43 bps
|
| Call: | Make-whole call at 10 bps over Treasuries until Jan. 15, 2026, then callable at par
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| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 19
|
| Distribution: | SEC registered
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