Public Storage Prices $900 Million Senior Notes Offering at 4.855% Effective Rate

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โดย Business Wire·Read original

Summary · why it matters

Public Storage announced that its subsidiary PSOC has priced a public offering of $900 million in fixed-rate senior notes with a weighted average effective interest rate of 4.855%. The offering is split into two tranches: $400 million of notes due 2032 with a 4.700% coupon, and $500 million of notes due 2036 with a 5.150% coupon, the latter having an effective rate of 4.979% after accounting for prior interest rate swaps. Proceeds will primarily fund the pending acquisition of National Storage Affiliates Trust, with any remainder used for general corporate purposes. If the NSA acquisition is not completed, the notes must be redeemed at 101% of principal plus accrued interest. Goldman Sachs and Wells Fargo acted as joint book-running managers, and the offering is expected to close on July 20, 2026.