GLENDALE, Calif. -- (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 5.20% Cumulative Preferred Stock,
Series Y at $25.00 per share. The offering is expected to result in
gross proceeds of $200 million and is expected to close on or about
December 7, 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 "PSBPrY.” 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, UBS Securities 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; UBS Securities LLC, 1285 Avenue of
the Americas, New York, New York 10019, Attention: Prospectus Department
or by telephone 1-888-827-7275; 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 SmallCap 600, is a 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 September
30, 2017, the Company wholly owned 28.0 million rentable square feet
with approximately 4,950 customers in six states and a 95.0% interest in
395 apartments.
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 the proposed 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171130006144/en/
Contacts:
PS Business Parks, Inc.
Maria R. Hawthorne
(818) 244-8080,
Ext. 1370
Source: PS Business Parks, Inc.
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