PS Business Parks, Inc. Announces Pricing of 5.25% Cumulative Preferred Stock, Series X
13 September 2017 - 9:42AM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced today that it has
priced a public offering of 8,000,000 depositary shares, each
representing 1/1,000th of a share of the Company’s 5.25% Cumulative
Preferred Stock, Series X at $25.00 per share. The Company also
granted the underwriters an over-allotment option to purchase an
additional 1,200,000 depositary shares. The offering is expected to
result in $200.0 million of gross proceeds (assuming no exercise of
the underwriters’ over-allotment option) and is expected to close
on or about September 21, 2017, subject to the satisfaction of
customary closing conditions.
The Company intends to apply to have the depositary shares
listed on the New York Stock Exchange under the symbol "PSBPrX.” 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.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC and Wells Fargo Securities, LLC acted as
joint book-running managers of the offering. This announcement
shall not constitute an offer to sell or a solicitation of an offer
to buy these securities nor shall there be any offer or sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful. The offering will be
made only by means of a prospectus and prospectus supplement,
copies of which may be obtained by contacting: Merrill Lynch,
Pierce, Fenner & Smith Incorporated, 200 North College Street,
NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus
Department, telephone: 1-800-294-1322 or email:
dg.prospectus_requests@baml.com; Morgan Stanley & Co. LLC, 180
Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus
Department; or Wells Fargo Securities, LLC, 608 2nd Avenue South,
Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service,
telephone: 1-800-645-3751 or email:
wfscustomerservice@wellsfargo.com.
Company Information
PS Business Parks, Inc., a member of the S&P Small Cap 600,
is a self-advised and self-managed real estate investment trust
(“REIT”) that acquires, develops, owns and operates commercial
properties, primarily multi-tenant flex, office and industrial
space. The Company defines “flex” space as buildings that are
configured with a combination of office and warehouse space and can
be designed to fit a number of uses (including office, assembly,
showroom, laboratory, light manufacturing and warehouse space). As
of June 30, 2017, the Company wholly owned 28.0 million rentable
square feet with approximately 4,900 customers concentrated in six
states.
Forward-Looking
Statements
When used within this press release, the words “expects,”
“anticipates,” “intends” and similar expressions are intended to
identify “forward-looking statements,” including but not limited
to, statements about the completion, timing and size of the
proposed offering of securities by the Company and the use of net
proceeds of such offering. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
cause our actual results to be materially different from those
expressed or implied in the forward-looking statements. Such
factors include market conditions and the demand for the Company’s
preferred securities and risks detailed in the Company’s prospectus
and prospectus supplement filed with the SEC in connection with
this offering and in the Company’s SEC reports, including quarterly
reports on Form 10-Q, reports on Form 8-K and annual reports on
Form 10-K. We undertake no obligation to publicly update or revise
forward-looking statements which may be made to reflect events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events, except as required by law.
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PS Business Parks, Inc.Maria R. Hawthorne(818) 244-8080, Ext.
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