BETHESDA, Md., Jan. 16, 2018 /PRNewswire/ -- Saul Centers,
Inc. (NYSE: BFS) (the "Company") today announced that it priced 3
million depositary shares, each representing a 1/100th
fractional interest in a share of the Company's 6.125% Series D
Cumulative Redeemable Preferred Stock, at an initial public
offering price of $25.00 per
depositary share. The dividend rate of the Series D
Cumulative Redeemable Preferred Stock underlying the depositary
shares will be at a fixed rate of 6.125% of the liquidation
preference per year, which is equivalent to an annual dividend of
$1.53125 per depositary share.
Dividends will be paid quarterly in arrears. The Company
estimates that net proceeds from this offering, after deducting
underwriting discounts, commissions and estimated offering
expenses, will be approximately $72,137,500
million (assuming no exercise of the underwriters'
over-allotment option).
The Company intends to use the net proceeds from this offering
to redeem, in part, outstanding shares of its 6.875% Series C
Cumulative Redeemable Preferred Stock and the related depositary
shares.
The offering is expected to close on or about January 23, 2018, 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
Raymond James & Associates,
Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company,
Incorporated, B. Riley FBR, Inc. and D.A. Davidson & Co.
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. The offering is being made pursuant to
the Company's existing shelf registration statement, previously
filed with the Securities and Exchange Commission. The
offering of these securities will be made only by means of a
prospectus and a related preliminary prospectus supplement. Copies
of the prospectus and the preliminary 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, RBC Capital Markets, LLC by
calling toll-free 866-375-6829 or writing to
rbcnyfixedincomeprospectus@rbccm.com, Stifel, Nicolaus &
Company, Incorporated by calling toll-free 855-300-7136 or writing
to syndprospectus@stifel.com, B. Riley FBR, Inc. by writing to
prospectuses@brileyfbr.com, or D.A. Davidson & Co. by calling
toll-free 800-332-5915 or by writing to
Prospectusrequest@dadco.com. You may also obtain a copy of
the prospectus, the preliminary 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, Inc. is a
self-managed, self-administered equity REIT headquartered in
Bethesda, Maryland, which
currently operates and manages a real estate portfolio of 58
properties which includes (a) 49 community and neighborhood
shopping centers and six mixed-use properties with approximately
9.2 million square feet of leasable area and (b) three land
and development properties. Approximately 85% of the Saul Centers'
property operating income is generated by properties in the
metropolitan Washington,
DC/Baltimore area.
Statements in this press release that are not strictly
historical are "forward-looking" statements, including statements
with regard to the Company's securities offering and the
anticipated use of the net proceeds. Forward-looking
statements involve known and unknown risks, which may cause the
Company's actual results to differ materially from expected
results. No assurance can be given that the securities
offering discussed above will be completed on the terms described,
or at all, or that the net proceeds of the offering will be used as
indicated. Completion of the securities offering on the terms
described, and the application of net proceeds, are subject to
numerous conditions, many of which are beyond the control of the
Company, including, without limitation, 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. 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.
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SOURCE Saul Centers, Inc.