Safehold Announces Upsizing and Pricing of Public Offering and Concurrent Private Placement
November 19 2019 - 7:31PM
Business Wire
Safehold Inc. (NYSE: SAFE) (the "Company") announced today that
it has priced an underwritten public offering of 3,000,000 shares
of its common stock at a price of $34.00 per share for total gross
proceeds of approximately $102.0 million. The public offering was
upsized from the previously announced 2,000,000 shares of common
stock. In connection with the offering, the Company has granted the
underwriters in the offering a 30-day option to purchase up to an
additional 450,000 shares of its common stock. The offering is
expected to close on November 22, 2019, and is subject to customary
closing conditions.
Concurrently with the completion of the public offering, the
Company will sell to iStar Inc. (NYSE: STAR), in a private
placement, 3,823,529 shares of common stock at the public offering
price, which represents 56% of the total shares to be issued in the
public offering and concurrent iStar private placement. The Company
raised total gross proceeds of $232.0 million in the public
offering and concurrent iStar private placement.
The Company intends to use the net proceeds from the offering
and concurrent iStar private placement to make additional ground
lease investments.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock in the
public offering or the concurrent iStar private placement, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan,
Barclays and Mizuho Securities will act as joint book-running
managers, SunTrust Robinson Humphrey will act as lead manager, and
Raymond James, Citigroup, Morgan Stanley and UBS Investment Bank
will act as co-managers for the offering. The Company has filed a
registration statement on Form S-3 (including a preliminary
prospectus supplement and accompanying prospectus) with the SEC for
the offering to which this communication relates. Before you
invest, you should read the preliminary prospectus supplement and
accompanying prospectus and other documents the Company has filed
with the SEC for more complete information about the Company and
this offering. You may obtain these documents for free by visiting
EDGAR on the SEC website at www.sec.gov. The Company or any
underwriter or any dealer participating in the offering will
arrange to send you the prospectus supplement (when available) and
accompanying prospectus if you request it by contacting Goldman
Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn:
Prospectus Department or by email to prospectus-NY@ny.email.gs.com
or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or by
email to dg.prospectus_requests@bofa.com or J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, Telephone: (866) 803-9204.
About Safehold:
Safehold Inc. (NYSE: SAFE) is a publicly traded REIT that
originates and acquires ground leases in order to generate
attractive long-term risk-adjusted returns.
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version on businesswire.com: https://www.businesswire.com/news/home/20191119006131/en/
Jason Fooks, Senior Vice President of Investor Relations
& Marketing T 212.930.9400 investors@safeholdinc.com
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