Saul Centers, Inc. Closes Offering of 6.875% Series C Cumulative Redeemable
Preferred Depositary Shares
BETHESDA, Md., Feb. 12, 2013
BETHESDA, Md., Feb. 12, 2013 /PRNewswire/ --Saul Centers, Inc. (NYSE: BFS)
(the "Company") today announced that it has closed an underwritten public
offering of 5,600,000 depositary shares, each representing a 1/100^th
fractional interest in a share of its newly designated 6.875% Series C
Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary
share. The offering included 600,000 depositary shares sold to the
underwriters pursuant to the full exercise of their overallotment option.
The Company estimates that the net proceeds from the offering will be
approximately $135.1 million, after deducting underwriting discounts,
commissions and estimated offering expenses. The Company intends to use
approximately $79.3 million of the net proceeds from the offering to redeem
all outstanding shares of its 9% Series B Cumulative Redeemable Preferred
Stock on March 15, 2013. With the remaining proceeds and available cash on
hand, the Company intends to use $60.0 million to redeem 60% of the
outstanding shares of its 8% Series A Cumulative Redeemable Preferred Stock on
March 2, 2013.
Raymond James & Associates, Inc., Robert W. Baird & Co. Incorporated, RBC
Capital Markets, LLC, and Stifel, Nicolaus & Company, Incorporated acted as
joint book-running managers for the offering.
The offering was made pursuant to an effective shelf registration statement
and prospectus and related prospectus supplement filed with the Securities and
Exchange Commission. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities nor shall there be any
sale of these securities in any state or 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 jurisdiction. Copies of the
prospectus and the prospectus supplement relating to these securities may be
obtained from Raymond James & Associates, Inc. by calling toll-free
800-248-8863 or writing to firstname.lastname@example.org, 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 email@example.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 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. Forward-looking statements involve known and
unknown risks, which may cause the company's actual future results to differ
materially from expected results. These risks include, among others, general
economic conditions, local real estate conditions, changes in interest rates,
increases in operating costs, the preferences and financial condition of our
tenants, the availability of capital, risks related to our status as a REIT,
and the profitability of the company's taxable subsidiary. 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 ("SEC")
filings, including, but not limited to, the company's Annual Report on Form
10-K. Copies of each filing may be obtained from the company or the SEC. Such
forward-looking statements should be regarded solely as reflections of the
company's current operating plans and estimates. Actual operating results may
differ materially from what is expressed or forecast in this press release.
Saul Centers, Inc. 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.
Contact: Scott V. Schneider, +1-301-986-6220
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