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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Saturday, February 16, 12:49 AM

Slide #435. PS Business Parks, Inc. Preferred Stock Offering

Company: PS Business Parks, Inc. (NYSE:PSB)
Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
Security type: 5.75% Cumulative Preferred Stock, Series U (NYSE:PSB.PRU)
Shares Offered: 8,000,000
Date of Pricing: 9/5/2012
Price Per Share: $25
Preferred Stock Offering Details: PS Business Parks, Inc announced that it has priced a public offering of 8.0 million depositary shares, each representing 1/1,000 of a share of the Company's 5.75% Cumulative Preferred Stock, Series U at $25.00 per share. The Company also granted the underwriters an over-allotment option to purchase an additional 1.2 million depositary shares. The offering is expected to result in $200 million of gross proceeds (assuming no exercise of the underwriters' over-allotment option) and is expected to close on or about September 14, 2012. The Company intends to apply to have the depositary shares listed on the New York Stock Exchange under the symbol "PSBPrU." If this application is approved, trading of the depositary shares is expected to begin within 30 days following the initial delivery of the depositary shares.

PS Business Parks is a real estate investment trust that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial space. Co. is in the commercial property business, with business parks consisting of multi-tenant flex, industrial and office space. The warehouse component of the flex space has a number of uses including light manufacturing and assembly, storage and warehousing, showroom, laboratory, distribution and research and development activities.

Preferreds: PSB.PRS, PSB.PRP, PSB.PRR, PSB.PRT, PSB.PRU, PSB.PRV, PSB.PRW, PSB.PRX, PSB.PRY


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Name:  PS Business Parks Inc
Website:  www.psbusinessparks.com
Sector:  REITs
Number of ETFs Holding PSB:  53 (see which ones)
Total Market Value Held by ETFs:  $521,995,478
 

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