BETHESDA, Md., Feb. 12, 2013 /PRNewswire/ -- Saul Centers,
Inc. (NYSE: BFS) (the "Company") today announced that it has closed
an underwritten public offering of 5,600,000 depositary shares,
each representing a 1/100th fractional interest in a
share of its newly designated 6.875% Series C Cumulative Redeemable
Preferred Stock, at a price of $25.00
per depositary share. The offering included 600,000 depositary
shares sold to the underwriters pursuant to the full exercise of
their overallotment option.
The Company estimates that the net proceeds from the offering
will be approximately $135.1 million,
after deducting underwriting discounts, commissions and estimated
offering expenses. The Company intends to use approximately
$79.3 million of the net proceeds
from the offering to redeem all outstanding shares of its 9% Series
B Cumulative Redeemable Preferred Stock on March 15, 2013. With the remaining proceeds and
available cash on hand, the Company intends to use $60.0 million to redeem 60% of the outstanding
shares of its 8% Series A Cumulative Redeemable Preferred Stock on
March 2, 2013.
Raymond James & Associates,
Inc., Robert W. Baird & Co. Incorporated, RBC Capital Markets,
LLC, and Stifel, Nicolaus & Company, Incorporated acted as
joint book-running managers for the offering.
The offering was made pursuant to an effective shelf
registration statement and prospectus and related prospectus
supplement filed with the Securities and Exchange Commission. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or 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 jurisdiction. Copies of the prospectus and the prospectus
supplement relating to these securities may be obtained from
Raymond James & Associates, Inc.
by calling toll-free 800-248-8863 or writing to
prospectus@raymondjames.com, Robert W. Baird & Co. Incorporated
by calling toll-free 800-792-2473, RBC Capital Markets, LLC by
calling toll-free 866-375-6829 or writing to
usdebtcapitalmarkets@rbccm.com, or Stifel, Nicolaus & Company,
Incorporated by calling toll-free 855-300-7136. You may also obtain
a copy of the prospectus and the prospectus supplement and other
documents the Company has filed with the Securities and Exchange
Commission for free by visiting the Commission's Web site at
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 59 community and neighborhood
shopping center and mixed-use properties totaling approximately 9.5
million square feet of leasable area. Over 85% of the Company's
cash flow is generated from properties in the metropolitan
Washington, DC/Baltimore, MD area.
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 future results to differ materially from expected
results. These risks include, among others, general economic
conditions, local real estate conditions, changes in interest
rates, increases in operating costs, the preferences and financial
condition of our tenants, the availability of capital, risks
related to our status as a REIT, and the profitability of the
company's taxable subsidiary. 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
("SEC") filings, including, but not limited to, the company's
Annual Report on Form 10-K. Copies of each filing may be obtained
from the company or the SEC. 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. Saul Centers, Inc.
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.
SOURCE Saul Centers, Inc.