PS Business Parks to repay bank debt via preferred stock proceeds

By Sarah Lizee

Olympia, Wash., Sept. 12 – PS Business Parks, Inc. plans to repay amounts outstanding under its credit facility using proceeds from an offering of $100 million of series X cumulative preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

As of Sept. 8, the company had about $55 million outstanding under the facility. It bears interest at a rate of Libor plus 80 basis points and expires on Jan. 10, 2022.

Any additional proceeds may be used for general corporate purposes, which may include the full or partial redemption of outstanding shares of the company’s 6% series T cumulative preferred stock. Proceeds may also be used for the acquisition and development of commercial properties.

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

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