Public Storage (PSA) prices $2.0 billion of senior unsecured notes.

Public Storage (PSA) announced today that it has priced a three-part offering of senior unsecured notes.  The total amount of the offering - $2.0 billion - is expected to be used to fund the $1.8 billion purchase of the ezStorage portfolio announced earlier this week.  The overall offering includes:
        • $700 million floating rate notes due 2024 (SOFR + 47 bps)
        • $650 million 1.850% senior notes due 2028 (T+55 bps)
        • $650 million 2.300% senior notes due 2031 (T+70 bps)
Established in 1972, Public Storage is the largest owner/operator of self-storage properties in the U.S. with 2,548 properties in 38 states. PSA has a total market capitalization of approximately $47 billion and is a member of the S&P 500 and FT Global 500 equity indexes.