PS Business Parks Prices Public Offering Of 1.30 Mln Shares At $79.25/shr

(RTTNews) - PS Business Parks, Inc. (PSB) announced the pricing of its public offering of 1.30 million shares of its common stock at a price of $79.25 per share, resulting in gross proceeds of about $103.0 million before the underwriting discount and estimated offering expenses.

The company said it has granted the underwriter the option to purchase up to an additional 195,000 shares of common stock. The offering is expected to close on November 7, 2013, subject to customary closing conditions. All of the shares were offered by PS Business Parks.

In addition, Public Storage has agreed separately to concurrently purchase 950,000 shares at a price of $79.25 per share for proceeds of approximately $75.3 million.

The firm noted that it intends to utilize the net proceeds from the offering and the sale to Public Storage to repay outstanding indebtedness of $90 million under a term loan and for general corporate purposes, which may include the acquisition of commercial properties.