Loan & DebtJul 20, 2026, 04:27 PM
Public Storage Issues $900M Senior Notes
AI Summary
Public Storage Operating Company (PSOC), a subsidiary of Public Storage, completed an offering of $400 million 4.700% Senior Notes due 2032 and $500 million 5.150% Senior Notes due 2036. The Notes, totaling $900 million, are guaranteed by Public Storage and bear interest semi-annually. A special mandatory redemption clause at 101% of the principal amount is triggered if the acquisition of National Storage Affiliates Trust is not completed by December 16, 2026.
Key Highlights
- Public Storage Operating Company issued $900 million in Senior Notes.
- Issued $400 million 4.700% Senior Notes due 2032.
- Issued $500 million 5.150% Senior Notes due 2036.
- Interest on 2032 Notes payable semi-annually from Feb 1, 2027.
- Interest on 2036 Notes payable semi-annually from Feb 15, 2027.
- Notes are direct, unsecured, and unsubordinated obligations of PSOC.
- Special mandatory redemption at 101% if NSA Acquisition not consummated by Dec 16, 2026.
Price Impact
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