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



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

PR Newswire

BETHESDA, Md., Jan. 29, 2013

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.

SOURCE Saul Centers, Inc.

Website: http://www.saulcenters.com
Contact: Scott V. Schneider, +1-301-986-6220
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