Saul Centers, Inc. Prices Offering of 9% Series B Cumulative Redeemable Preferred Depositary Shares
March 20 2008 - 7:50PM
PR Newswire (US)
BETHESDA, Md., March 20 /PRNewswire-FirstCall/ -- Saul Centers,
Inc. (NYSE:BFS) (the "Company") today announced that it priced
3,000,000 depositary shares, each representing a 1/100th fractional
interest in a share of the Company's 9% Series B Cumulative
Redeemable Preferred Stock, at an initial public offering price of
$25.00 per depositary share. The dividend rate of the Series B
Cumulative Redeemable Preferred Stock underlying the depositary
shares will be at a fixed rate of 9% of the liquidation preference
per year, which is equivalent to an annual dividend of $2.25 per
depositary share. Dividends will be paid quarterly in arrears. The
offering is expected to result in approximately $72.1 million of
net proceeds to the Company (assuming no exercise of the
underwriters' over-allotment option). The offering is being made
pursuant to a shelf registration statement and is expected to close
on March 27, 2008, subject to customary closing conditions. Up to
450,000 additional depositary shares may be issued pursuant to the
underwriters' over-allotment option within 30 days of the initial
issuance of the depositary shares. The Company anticipates listing
the depositary shares on the New York Stock Exchange. The joint
book-running managers for the offering are RBC Capital Markets
Corporation and Raymond James & Associates, Inc. The lead
manager for the offering is Ferris, Baker Watts, Incorporated. The
co-managers for the offering are Janney Montgomery Scott LLC and
BB&T Capital Markets, a division of Scott & Stringfellow,
Inc. This communication shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction. Copies of the prospectus and the prospectus
supplement, subject to completion, relating to these securities may
be obtained from RBC Capital Markets Corporation and Raymond James
& Associates, Inc. You should direct any requests to RBC
Capital Markets Corporation, 165 Broadway, New York, NY 10006, by
fax: (212) 428-6260, or to Raymond James & Associates, Inc.,
880 Carillon Parkway, St. Petersburg, FL 33716, by phone: (727)
567-2586, or by fax: (727) 567-8010. You may also obtain a copy of
the prospectus and the prospectus supplement, subject to
completion, and other documents the Company has filed with the
Securities and Exchange Commission for free by visiting the
Commission's Web site at http://www.sec.gov/. Saul Centers is a
self-managed, self-administered equity real estate investment trust
headquartered in Bethesda, Maryland. Saul Centers currently
operates and manages a real estate portfolio of 48 community and
neighborhood shopping center and office properties totaling
approximately 8.0 million square feet of leasable area. Over 80% of
the Company's cash flow is generated from properties in the
metropolitan Washington, DC/Baltimore, MD area. More information
about Saul Centers is available on the Company's web site at
http://www.saulcenters.com/. Statements in this press release that
are not strictly historical are "forward-looking" statements.
Forward-looking statements involve known and unknown risks, which
may cause the Company's actual results to differ materially from
expected results. These risks include, among others, general
economic conditions, local real estate conditions and the
availability of capital. Additional information concerning these
and other factors that could cause actual results to differ
materially from those forward-looking statements is contained from
time to time in the Company's Securities and Exchange Commission
filings, including, but not limited to, Item 1A. Risk Factors of
the Company's annual report on Form 10-K. Copies of each filing may
be obtained from the Company or the Commission. Consequently, such
forward-looking statements should be regarded solely as reflections
of the Company's current operating plans and estimates. Actual
operating results may differ materially from what is expressed or
forecast in this press release. The Company undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date these statements were made.
DATASOURCE: Saul Centers, Inc. CONTACT: Scott V. Schneider of Saul
Centers, Inc., +1-301-986-6220 Web site:
http://www.saulcenters.com/
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