Loan & DebtJul 13, 2026, 06:51 AM
Public Storage Issues $900M Senior Notes in Two Tranches
AI Summary
Public Storage and its subsidiary, PSOC, entered into an underwriting agreement to sell $900 million aggregate principal amount of senior notes in two tranches. The notes will be issued by PSOC and guaranteed by Public Storage. The net proceeds are expected to finance, in part, the company's pending acquisition of National Storage Affiliates Trust and for general corporate purposes, including investments and debt repayment.
Key Highlights
- Public Storage to issue $900 million aggregate principal amount of senior notes.
- First tranche: $400 million senior notes due 2032, bearing 4.700% annual interest.
- Second tranche: $500 million senior notes due 2036, bearing 5.150% annual interest.
- 2032 notes issued at 99.283% of par; 2036 notes issued at 98.553% of par.
- Net proceeds will partly finance the pending acquisition of National Storage Affiliates Trust.
- Proceeds also for general corporate purposes, including investments and debt repayment.
- The offering is expected to close on July 20, 2026.
Price Impact
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