By Christine Van Dusen
Atlanta, Nov. 6 – Saul Centers Inc. priced an additional $40 million of its 6.875% series C cumulative redeemable preferred stock, which have a liquidation preference of $25.00 per share, according to an FWP filing with the Securities and Exchange Commission.
The additional 1.6 million preferreds were priced at $25.17 per share for proceeds of $40,272,000.
The original issue of depository shares were priced on Jan 30, 2013.
Raymond James & Associates Inc. was the bookrunner for the SEC-registered transaction.
The proceeds will be used to redeem all outstanding shares of the company’s 8% series A cumulative redeemable preferred stock and the related depositary shares.
The company expects to list the shares on the New York Stock Exchange under the ticker “BFSPrC.”
Saul Centers is a Bethesda, Md.-based real estate investment trust.
| Issuer: | Saul Centers Inc.
|
| Securities: | Add-on to series C cumulative redeemable preferred stock
|
| Amount: | $40 million
|
| Proceeds: | $40,272,000
|
| Bookrunner: | Raymond James & Associates Inc.
|
| Dividend: | 6.875%
|
| Price: | $25.17 per share
|
| Liquidation preference: | $25.00
|
| Call optional: | Beginning Feb. 12, 2018 at par plus accrued dividends
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 12
|
| Expected listing: | NYSE: BFSPrC
|
| Cusip: | 804395606
|
| Original issue: | $125 million priced on Jan. 30, 2013
|
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