Public Storage is backing Canadian-dollar senior notes issued by PS Canada Finance ULC, with Maturity in 2033 and semiannual interest beginning in 2027. The securities will carry full, unconditional guarantees, but have no established trading market and will not be listed on a securities exchange.

Key Highlights

  • The offering terms require at least 125% in unencumbered Assets relative to total unsecured indebtedness, subject to exceptions and qualifications.
  • Proceeds are intended for self-storage investments, Debt repayment, security redemptions and other corporate purposes.
  • The notes will have minimum denominations of C$2,000, with additional amounts issued in integral multiples of C$1,000.

Public Storage (NYSE: PSA) is backing a Canadian-dollar senior-note offering from PS Canada Finance ULC, with the notes due in 2033 and interest payable twice yearly beginning in 2027.

PS Canada Sets Terms for 2033 Notes

The notes are being issued by PS Canada Finance ULC, a consolidated subsidiary, under an indenture involving PS Canada, Public Storage Operating Company and Public Storage as guarantors, with Computershare Trust Company, N.A. as trustee. PS Canada may redeem the securities before maturity under the stated optional-redemption terms, and it may issue further notes with the same terms apart from specified issuance details. Net proceeds are intended to replenish cash used for the Acquisition and support investments in self-storage facilities, debt repayment, Redemption of outstanding securities and general corporate purposes. The preliminary terms remain subject to completion and may change.

No Exchange Listing Planned for the Notes

Public Storage does not plan to seek an exchange listing or automated Quotation for the notes, which are a new issue without an established trading market. Underwriters intend to make a market, but they are not required to do so and can stop without notice. The notes will be held in book-entry form through CDS, with minimum denominations of C$2,000 and additional increments of C$1,000. The issuer must maintain unencumbered assets equal to at least 125% of total unsecured indebtedness, subject to stated exceptions and qualifications.