SITE Centers Announces Pricing of Common Shares Offering
October 21 2019 - 9:17PM
Business Wire
SITE Centers Corp. (NYSE: SITC) (“SITE Centers” or the
“Company”) today announced the pricing of its public offering of
11,500,000 common shares at a price to public of $14.90 per share,
for expected gross proceeds of approximately $171.4 million. SITE
Centers also granted the underwriters a 30-day option to purchase
up to an additional 1,725,000 common shares. The offering is
expected to close on October 24, 2019, subject to customary
conditions.
Goldman Sachs & Co. LLC and Morgan Stanley are serving as
joint book-running managers for the offering.
SITE Centers intends to use the net proceeds of the offering to
redeem a portion of the depositary shares representing its
outstanding 6.50% Class J Cumulative Redeemable Preferred Shares,
without par value (the “Class J Preferred Shares”), which have an
aggregate liquidation preference of $200.0 million. Any remaining
proceeds will be used for general corporate purposes. This release
does not constitute a notice of redemption of the depositary shares
representing the Class J Preferred Shares. Pending such use, SITE
Centers may invest the net proceeds in short-term securities or
repay short-term indebtedness.
Copies of the prospectus and related prospectus supplement
associated with this offering, when available, may be obtained
from: Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York, NY 10282, telephone:
1-866-471-2526, facsimile: 212-902-9316 or by emailing
prospectus-ny@ny.email.gs.com; or Morgan Stanley, Attention:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY
10014.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale is not permitted. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers that provide a highly-compelling shopping experience and
merchandise mix for retail partners and consumers. The Company is a
self-administered and self-managed REIT operating as a fully
integrated real estate company, and is publicly traded on the New
York Stock Exchange under the ticker symbol SITC.
Safe Harbor
SITE Centers Corp. considers portions of the information in this
press release to be forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, both as amended, with respect to
the Company's expectation for future periods. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be achieved. For this purpose,
any statements contained herein that are not historical fact may be
deemed to be forward-looking statements. There are a number of
important factors that could cause the Company’s results to differ
materially from those indicated by such forward-looking statements,
including, among other factors, local conditions such as supply of
space or a reduction in demand for real estate in the area;
competition from other available space; dependence on rental income
from real property; the loss of, significant downsizing of or
bankruptcy of a major tenant and the impact of any such event on
rental income from other tenants and the Company’s properties;
redevelopment and construction activities may not achieve a desired
return on investment; the Company’s ability to buy or sell assets
on commercially reasonable terms; the Company’s ability to complete
acquisitions or dispositions of assets under contract; the
Company’s ability to secure equity or debt financing on
commercially acceptable terms or at all; the Company’s ability to
enter into definitive agreements with regard to its financing and
joint venture arrangements and its ability to satisfy conditions to
the completion of these arrangements; the termination of any joint
venture arrangements or arrangements to manage real property;
property damage, expenses related thereto and other business and
economic consequences (including the potential loss of rental
revenues) resulting from extreme weather conditions in locations
where the Company owns properties, and the ability to estimate
accurately the amounts thereof; sufficiency and timing of any
insurance recovery payments related to damages from extreme weather
conditions; any change in strategy; and the Company’s ability to
maintain REIT status. For additional factors that could cause the
results of the Company to differ materially from those indicated in
the forward-looking statements, please refer to the Company's most
recent reports on Form 10-K and Form 10-Q. The Company undertakes
no obligation to publicly revise these forward-looking statements
to reflect events or circumstances that arise after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20191021005895/en/
Matthew Ostrower, EVP and Chief Financial Officer
216-755-5500
SITE Centers (NYSE:SITC)
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