Public Storage prices C$400M debut Canadian bond, its first north of the border
What's the deal? Public StorageDealroom has a profile for this one. Try Dealroom → has priced C$400 million (roughly $290 million) of fixed-rate senior notes due 2033, its inaugural offering in the Canadian market. ScotiabankDealroom has a profile for this one. Try Dealroom → and TD SecuritiesDealroom has a profile for this one. Try Dealroom → acted as joint book-running managers.
The terms: The notes carry an annual interest rate of 4.540%, are issued at par, and mature on September 16, 2033. Interest is payable semi-annually, starting March 16, 2027, and the offering is expected to close on September 16, 2026.
Why now? The offering follows Public Storage's recently completed acquisition of Public Storage CanadaDealroom has a profile for this one. Try Dealroom →. It gives the S&P 500 REIT a new source of financing in a market where it now owns 68 self-storage facilities.
What's the endgame? Proceeds will replenish cash used for the Canadian acquisition and fund general corporate purposes. Those include investments in self-storage facilities, development, mortgage loans, debt repayment, and redemption of outstanding securities.
The signal: Public Storage operates 4,647 self-storage facilities across 41 US states and Puerto Rico, plus a 35% stake in Europe's ShurgardDealroom has a profile for this one. Try Dealroom →. Its first Canadian bond signals a deeper commitment to a market it entered only recently — and a rare, sizeable debt raise among its peers.
Read more: wallstreet-online.de
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