Public Storage prices $500 million senior notes due 2036
Public Storage priced $500 million of senior notes maturing in 2036. The notes carry a 5.600% coupon and were issued at 98.293% of par, while prior swaps produce a 5.200% effective rate. Proceeds are intended to reduce commercial paper borrowings and partially fund repayment of $650 million of 1.500% notes due in 2026. Settlement is planned for November 6, 2026, pending customary conditions.
Why it matters
The transaction replaces some shorter-dated obligations with debt due in 2036, while adding a new long-term interest obligation. The refinancing reduces commercial paper exposure and addresses part of the 2026 maturity when it settles.
Key facts
- 1The senior notes were priced at $500 million and mature in 2036. investing.com
- 2The notes bear 5.600% annual interest and were issued at 98.293% of par value. investing.com
- 3Including earlier interest-rate swaps, the effective interest rate is 5.200%. investing.com
- 4Net proceeds are planned for repayment of borrowings under the $1.0 billion commercial paper program and partial repayment of $650 million of 1.500% senior notes due 2026. investing.com
- 5Interest payments are scheduled twice a year beginning May 15, 2027. investing.com
- 6The transaction is scheduled to settle on November 6, 2026, provided customary closing requirements are met. investing.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.