PUBLIC STORAGE (NYSE:PSA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On September13, 2017, Public Storage (the “Company”) entered into an underwriting agreement, dated September13, 2017 (the “Underwriting Agreement”), among the Company and Morgan Stanley& Co. LLC, Merrill Lynch, Pierce, Fenner& Smith Incorporated and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (the “Underwriters”), for the sale of $1.0 billion in aggregate principal amount of Senior Notes in two tranches. The first tranche of $500.0 million aggregate principal amount of Senior Notes due 2022 will bear interest at an annual rate of 2.370%, will be issued at par value and will mature on September15, 2022. The second tranche of $500.0 million aggregate principal amount of Senior Notes due 2027 will bear interest at an annual rate of 3.094%, will be issued at par value and will mature on September15, 2027 (the first tranche and second tranche together referred to as, the “Notes”). The Underwriting Agreement is filed as Exhibit 1.1 hereto and is incorporated herein by reference.
The offering of the Notes was made to a shelf registration statement on Form S-3 (File No.333-211758) filed by the Company with the Securities and Exchange Commission (“SEC”) on June1, 2016, as amended by the Post-Effective Amendment No.1 filed by the Company with the SEC on September13, 2017, in the form in which it became effective on September13, 2017. A preliminary prospectus supplement, dated September13, 2017, relating to the Notes and supplementing the prospectus was filed with the SEC to Rule 424(b)(5) under the Securities Act of 1933, as amended.
The Underwriters have performed investment banking and advisory services for the Company from time to time for which they have received customary fees and expenses. The Underwriters may, from time to time, engage in transactions with and perform services for the Company in the ordinary course of their business.
The lenders under our revolving credit facility include Morgan Stanley Bank, an affiliate of Morgan Stanley& Co. LLC; Bank of America, N.A., an affiliate of Merrill Lynch, Pierce, Fenner& Smith Incorporated; and Wells Fargo Bank, National Association, an affiliate of Wells Fargo Securities, LLC. Wells Fargo Bank, National Association is agent of the facility and also a lender under the revolving credit facility.
| Item 1.01. | Financial Statements and Exhibits |
(d) Exhibits
Public Storage ExhibitEX-1.1 2 d451872dex11.htm EX-1.1 EX-1.1 Exhibit 1.1 PUBLIC STORAGE 2.370% Senior Notes due 2022 3.094% Senior Notes due 2027 UNDERWRITING AGREEMENT September 13,…To view the full exhibit click here
About PUBLIC STORAGE (NYSE:PSA)
Public Storage is a real estate investment trust. The Company’s business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. It operates through Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe segments. It also has direct and indirect equity interests in over 30 million net rentable square feet of commercial space located in over nine states in the United States primarily owned and operated by PSB under the PS Business Parks name. It manages approximately 30 self-storage facilities for third parties, and has equity interests in and manages over 12 additional self-storage facilities.