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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, December 6, 2:34 AM
Slide #465. 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 self-advised and self-managed real estate investment trust that owns, operates, acquires and develops commercial properties, primarily multi-tenant industrial, flex and office space. Substantially all of Co.'s assets are held, and its business conducted, through PS Business Parks, L.P. Co. owns and operates commercial space, comprising business parks, in California, Texas, Virginia, Florida, Maryland and Washington. Co. owns flex space, representing industrial buildings that are configured with a combination of warehouse and office space and can be designed to fit a variety of uses. Preferreds: PSB.PRS, PSB.PRP, PSB.PRR, PSB.PRT, PSB.PRU, PSB.PRV, PSB.PRW, PSB.PRX, PSB.PRY
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