Storage Equities Plans Preferred Stock Sale
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Storage Equities Inc. in Glendale said it plans a public offering of 3 million shares of preferred stock.
The company, whose common shares already trade on the New York Stock Exchange, said it plans to use about $40 million of the expected net proceeds from the offering to repay its bank loans and other debt, subject to the lenders’ approval.
The offering is being managed by Salomon Brothers Inc.
Storage Equities is a real estate investment trust that mainly invests in self-storage warehouses managed by affiliates of Public Storage Co., the self-storage giant also based in Glendale. Storage Equities has interests in 245 self-storage warehouses, 13 business parks and 18 facilities that combine self-storage with business-park space.
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