Public Storage unit PSOC prices USD 900 million senior notes offering, adds new debt financing
PSA•Senior notes offering priced
Public Storage Operating Company priced USD 900 million of senior notes, split between USD 400 million 4.700% Senior Notes due 2032 and USD 500 million 5.150% Senior Notes due 2036.
The notes are unsecured obligations of PSOC and are guaranteed by Public Storage. Interest starts July 20, 2026.
Redemption terms and leverage constraints
PSOC must redeem the notes at 101% if the National Storage Affiliates Trust acquisition fails to close by the merger agreement’s outside date.
The indenture includes leverage constraints, including a requirement to keep unencumbered assets at least 125% of unsecured debt.
