Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
April 14 2021 - 5:10PM
Edgar (US Regulatory)
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-231510
April 14, 2021
PUBLIC
STORAGE
$700,000,000 Floating Rate Senior Notes due 2024
$650,000,000 1.850% Senior Notes due 2028
$650,000,000 2.300% Senior Notes due 2031
Final Term Sheet
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Issuer:
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Public Storage (PSA)
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Security:
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Floating Rate Senior Notes due 2024 (the “Floating Rate Notes”)
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1.850% Senior Notes due 2028 (the “2028 Notes”)
2.300% Senior Notes due 2031 (the “2031 Notes”)
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Trade Date:
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April 14, 2021
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Settlement Date:
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April 23, 2021 (T+7)
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Aggregate Principal Amount:
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Floating Rate Notes: $700,000,000
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2028 Notes: $650,000,000
2031 Notes: $650,000,000
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Maturity Date:
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Floating Rate Notes: April 23, 2024
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2028 Notes: May 1, 2028
2031 Notes: May 1, 2031
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Coupon:
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Floating Rate Notes: Compounded SOFR, reset quarterly, plus 47 basis points
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2028 Notes: 1.850% per annum
2031 Notes: 2.300% per annum
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Benchmark Treasury:
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Floating Rate Notes: Compounded SOFR, reset quarterly
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2028 Notes: 1.250% due March 31, 2028
2031 Notes: 1.125% due February 15, 2031
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Benchmark Treasury Price / Yield:
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2028 Notes: 99-19 / 1.311%
2031 Notes: 95-11 / 1.639%
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Spread to Benchmark Treasury:
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Floating Rate Notes: Compounded SOFR, reset quarterly plus 47 basis points
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2028 Notes: T+ 55 basis points
2031 Notes: T+ 70 basis points
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Yield to Maturity:
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2028 Notes: 1.861%
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2031 Notes: 2.339%
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Price to Public:
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Floating Rate Notes: 100.000% of principal amount
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2028 Notes: 99.928% of principal amount
2031 Notes: 99.653% of principal amount
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Underwriting Discount:
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Floating Rate Notes: 0.250% of principal amount
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2028 Notes: 0.600% of principal amount
2031 Notes: 0.650% of principal amount
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The underwriters have agreed to make a payment to Public Storage in an amount equal to $2,600,000, including in respect of expenses.
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Interest Payment Dates:
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Floating Rate Notes: January 23, April 23, July 23 and October 23 of each year, commencing on July 23, 2021
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2028 Notes and 2031 Notes: May 1 and November 1 of each year, commencing on November 1, 2021
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Record Dates:
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Floating Rate Notes: January 8, April 8, July 8 and October 8
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2028 Notes and 2031 Notes: April 16 and October 17
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Redemption Provision:
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Floating Rate Notes: At par on or after April 23, 2022
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2028 Notes: Make-whole call prior to March 1, 2028 (two months prior to the maturity date of the Notes) based on U.S. Treasury + 10 basis points or at par on or after March 1, 2028
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2031 Notes: Make-whole call prior to February 1, 2031 (three months prior to the maturity date of the Notes) based on U.S. Treasury + 12.5 basis points or at par on or after February 1, 2031
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Joint Book-Running Managers:
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Citigroup Global Markets Inc.
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J.P. Morgan Securities LLC
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Wells Fargo Securities, LLC
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BofA Securities, Inc.
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Morgan Stanley & Co. LLC
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UBS Securities LLC
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Scotia Capital (USA)
Inc.
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2
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ISIN Number:
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Floating Rate Notes: US74460WAB37
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2028 Notes: US74460WAD92
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2031 Notes: US74460WAE75
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CUSIP Number:
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Floating Rate Notes: 74460WAB3
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2028 Notes: 74460WAD9
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2031 Notes: 74460WAE7
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The issuer has filed a registration statement (including a base prospectus) and prospectus supplement with the Securities and
Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the prospectus supplement, and other documents the issuer has
filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in
the offering will arrange to send you the base prospectus and the prospectus supplement related thereto if you request it by contacting Citigroup Global Markets Inc. toll-free at 1-800-831-9146; J.P. Morgan Securities LLC collect at 1-212-834-4533; or Wells
Fargo Securities, LLC toll-free at 1-800-645-3751.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices
were automatically generated as a result of this communication being sent via Bloomberg or another email system.
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