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PS Business Parks prices $300M preferred stock offering

PS Business Parks Inc. priced a public offering of 12.0 million depositary shares at $25.00 apiece for expected gross proceeds of $300 million.

Each depositary share represents 1/1,000th of a share of the company’s 4.875% series Z cumulative preferred stock.

The diversified real estate investment trust expects to use the net offering proceeds, along with available cash, to finance the planned redemption of its 5.750% series U cumulative preferred stock and 5.700% series V cumulative preferred stock.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were joint book-running managers of the offering, which is expected to close on or about Nov. 4.