GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced today that it has priced a
public offering of 6,600,000 depositary shares, each representing
1/1,000th of a share of the Company’s 5.20% Cumulative Preferred Stock,
Series W at $25.00 per share. The Company also granted the underwriters
an over-allotment option to purchase an additional 990,000 depositary
shares. The offering is expected to result in $165.0 million of gross
proceeds (assuming no exercise of the underwriters’ over-allotment
option) and is expected to close on or about October 20, 2016.
The Company intends to apply to have the depositary shares listed on the
New York Stock Exchange under the symbol "PSBPrW.” 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 SmallCap 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 September 15, 2016, the Company wholly owned
and operated 28.0 million rentable square feet of commercial space 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161011006739/en/
Contacts:
PS Business Parks, Inc.
Edward A. Stokx
(818) 244-8080, Ext.
1649
Source: PS Business Parks, Inc.
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