Public Storage Prices Offering Of $2.2 Bln Of Senior Notes

(RTTNews) - Public Storage (PSA), a self storage company, said on Tuesday that it has priced a public offering of $2.2 billion aggregate principal amount of senior notes.

The company will use the net proceeds from the transaction to fund the recently announced acquisition of Simply Self Storage and general corporate purpose.

The offering is expected to be closed on July 26.

The notes will be issued in four tranches with an initial weighted average interest rate of around 5.3 percent. The multi-tranche offering includes the company's inaugural 30-year senior note offering.

BofA Securities, Inc. and J.P. Morgan Securities LLC, acted as joint book-running managers of the offering.