PS Business Parks Announces $230M Closing of 5.75% Cumulative Preferred Stock
PS Business Parks (NYSE: PSB) announced today that it has closed its $230.0 million public offering of 9.2 million depositary shares, each representing 1/1,000 of a share of the Company's 5.75% Cumulative Preferred Stock, Series U at $25.00 per share. Proceeds will be used to redeem all of the Company's outstanding 6.70% Cumulative Preferred Stock, Series P for $132.3 million, reduce outstanding short-term debt and for general corporate purposes. The redemption will result in a non-cash distribution of $3.8 million in the quarter ended September 30, 2012 related to the Series P original issuance cost.
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