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


Tuesday, 29 Jan 2013 07:12pm EST 

Saul Centers Inc 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. . 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. 

Company Quote

49.75
0.0 +0.00%
23 Jul 2014