UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: December 15, 2006
(Date of earliest event reported)
Public Storage, Inc.
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
1-8389 95-3551121
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(Commission File Number) (IRS Employer Identification No.)
701 Western Avenue, Glendale, California 91201-2349
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(Address of Principal Executive Offices) (Zip Code)
(818) 244-8080
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(Registrant's Telephone Number, Including Area Code)
Not applicable
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(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
On December 15, 2006, Shurgard Self Storage SCA ("Shurgard Europe"),
an affiliate of Public Storage, Inc. (the "Company") notified Citicorp Trustee
Company Limited, as trustee, of its intent to prepay on or about January 2, 2007
the obligations of Shurgard Europe related to outstanding Euro 325 million
collateralized notes. The obligations were otherwise payable in 2011. The
Company assumed this indebtedness when it acquired the European operations of
Shurgard Storage Centers, Inc. (Shurgard) through a merger with Shurgard on
August 22, 2006. The notes bear interest at EURIBOR plus 0.51% (3.928% at
September 30, 2006). At current exchange rates, the cost to prepay the
outstanding principal and accrued interest will be approximately USD $433
million. The Company expects to fund the prepayment with bank borrowings.
In addition, on December 18, 2006, the Company gave notice to the
holders of depositary shares representing interests in its 7.625% Cumulative
Preferred Stock, Series T, of its intent to redeem at $25 per share all such
depositary shares outstanding on January 18, 2007. On such date, the Company
will pay the holders of the depositary shares an aggregate amount of
approximately $152.7 million including accumulated and unpaid dividends from
December 31, 2006 through the date of redemption.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PUBLIC STORAGE, INC.
Dated: December 21, 2006
By: /s/ John Reyes
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John Reyes
Senior Vice President and
Chief Financial Officer