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Public Storage Unit Prices $875 Million Senior Notes Offering

BY MT Newswires | CORPORATE | 06/27/25 05:06 AM EDT

05:06 AM EDT, 06/27/2025 (MT Newswires) -- Public Storage (PSA) said Thursday that its Public Storage Operating unit has priced a public offering of $875 million aggregate principal amount of senior notes.

The notes will be guaranteed by the parent company and will be issued in two tranches, according to the statement.

Public Storage (PSA) said the first tranche of $475 million notes will be issued at 99.7% of par value and will bear an annual interest of 4.375%, with a maturity date of July 1, 2030. The second tranche of $400 million notes will be issued at 99.6% of par value and will bear an interest of 5%, with a maturity date of July 1, 2035.

The offering is expected to close on Monday and Public Storage (PSA) said its unit plans to use the proceeds to repay its outstanding $400 million floating rate senior notes due 2025 and for general corporate purposes.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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