This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Saul Centers, Inc. Prices Offering Of 6.875% Series C Cumulative Redeemable Preferred Depositary Shares

BETHESDA, Md., Jan. 29, 2013 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) (the "Company") today announced that it priced 5 million depositary shares, each representing a 1/100th fractional interest in a share of the Company's 6.875% Series C Cumulative Redeemable Preferred Stock, at an initial public offering price of $25.00 per depositary share.  The dividend rate of the Series C Cumulative Redeemable Preferred Stock underlying the depositary shares will be at a fixed rate of 6.875% of the liquidation preference per year, which is equivalent to an annual dividend of $1.71875 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 $120.6 million (assuming no exercise of the underwriters' over-allotment option).

The Company intends to use the net proceeds from this offering to redeem all outstanding shares of its 9% Series B Cumulative Redeemable Preferred Stock and the related depositary shares. With any remaining net proceeds, the Company intends to redeem outstanding shares of its 8% Series A Cumulative Redeemable Preferred Stock and the related depositary shares.

The offering is expected to close on or about February 12, 2013, subject to customary closing conditions.  Up to 600,000 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., Robert W. Baird & Co. Incorporated, RBC Capital Markets, LLC, and Stifel, Nicolaus & Company, Incorporated.

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, 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, 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 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, 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs