By Stephanie N. Rotondo
Phoenix, Jan. 30 - Saul Centers Inc. priced a $125 million offering of 6.875% series C cumulative redeemable preferred stock, the company said in an FWP filed with the Securities and Exchange Commission.
Raymond James & Associates Inc., Baird & Co., RBC Capital Markets LLC and Stifel Nicolaus & Co. are the joint bookrunners.
The preferreds were sold as depositary shares representing a 1/100th interest.
Dividends will be payable on the 15th day of January, April, July and October, beginning April 15.
The company can redeem the preferreds on or after Feb. 12, 2018 at par plus accrued dividends. There is also a change-of-control feature.
Proceeds will be contributed to the operating partnership in exchange for a preferred interest. The partnership will then use the funds to redeem series B preferreds. Any remaining funds will be used to redeem at least a portion of the series A preferreds.
Saul Centers is a Bethesda, Md.-based real estate investment trust.
| Issuer: | Saul Centers Inc.
|
| Securities: | Series C cumulative redeemable preferred stock
|
| Amount: | $125 million, or 5 million shares
|
| Greenshoe: | $15 million, or 600,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Raymond James & Associates Inc., Baird & Co., RBC Capital Markets LLC, Stifel Nicolaus & Co.
|
| Dividend: | 6.875%
|
| Price: | Par of $25.00
|
| Yield: | 6.875%
|
| Talk: | 6.75% to 7%
|
| Call options: | On or after Feb. 12, 2018 at par plus accrued dividends or in the event of a change of control
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 12
|
| Expected listing: | NYSE: BFSPC
|
| Cusip: | 804395606
|
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