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Published on 12/21/2022 in the Prospect News Investment Grade Daily, Prospect News Liability Management Daily and Prospect News Preferred Stock Daily.

PS Business Parks gives results of tender offer for X, Y, Z preferreds

By Mary-Katherine Stinson

Lexington, Ky., Dec. 21 – PS Business Parks Inc. announced results of its cash tender offer for any and all of three series of preferred securities, according to a press release.

As previously reported, the company is tendering for the following:

• $230 million outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.25% cumulative preferred stock, series X (Cusip: 69360J594) with a liquidation preference of $25.00, for a price of $15.29 per preferred share;

• $200 million outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.2% cumulative preferred stock, series Y (Cusip: 69360J578) with a liquidation preference of $25.00, for a price of $15.33 per preferred share; and

• $325 million outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 4.875% cumulative preferred stock, series Z (Cusip: 69360J552) with a liquidation preference of $25.00, for a price of $14.34 per preferred share.

The offers expired at 11:59 p.m. ET on Dec. 20.

As of the expiration date, the totals were as follows:

• $148,847,450, or 5,953,898 series X preferreds, were tendered and accepted for purchase;

• $144,917,275, or 5,756,691 series Y preferreds, were tendered and accepted for purchase; and

• $243,217,200, or 9,728,688 series Z preferreds, were tendered and accepted for purchase.

A quarterly dividend authorized by the company’s board of directors on Nov. 2 that is payable on Dec. 31 to holders of record on Dec. 15 is not included in the purchase price but will be paid to holders of the securities regardless of whether they participate in the tender offer.

Settlement is expected for Dec. 23.

The issuer said it will seek to delist each of the securities from the New York Stock Exchange following the completion of the tender offers regardless of the participation level. The company expects the last trading day for each series of securities on the NYSE will be on or about Jan. 13.

BofA Securities (888 292-0070 or 855 654-2015) is dealer manager for the offers.

PS Business Parks is a Glendale, Calif.-based real estate investment trust.


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