CapLease Announces Pricing of $20 Million of Series C Preferred Stock
NEW YORK -- February 27, 2013
CapLease, Inc. (NYSE: LSE) announced today that it has priced an underwritten
public offering of 850,000 shares of its 7.25% Series C Cumulative Redeemable
Preferred Stock. The shares were priced at $24.57627 per share (plus accrued
dividends), equating to a yield of 7.375%.
CapLease intends to use the net proceeds from the offering to repurchase or
redeem its issued and outstanding 8.125% SeriesA Preferred Stock. The
offering is expected to close on March 1, 2013, subject to customary closing
Upon completion of the offering, CapLease will have 1,700,000 shares of its
7.25% Series C Cumulative Redeemable Preferred Stock issued and outstanding.
The Series C Preferred Stock is listed on the New York Stock Exchange under
the symbol “LSEPrC.” CapLease has filed an application to list the additional
shares of Series C Preferred Stock to be issued in the offering on the New
York Stock Exchange.
Wells Fargo Securities, LLC is serving as the underwriter of the offering.
The shares will be issued pursuant to a registration statement that has been
declared effective by the Securities and Exchange Commission. A prospectus
supplement and related prospectus relating to the offering have been 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 the shares,
nor shall there be any sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The offering may be made only by means of a prospectus supplement and the
related prospectus. You may request copies of these documents by contacting
Wells Fargo Securities, LLC, 1525 W.T. Harris Boulevard, NC0675, Charlotte, NC
28262, Attention: Capital Markets Client Support (telephone: (800) 326-5897 or
This press release contains statements that are forward-looking. Such
forward-looking statements involve risks and uncertainties and actual outcomes
may differ materially from those projected. Factors that could cause actual
results to differ materially from CapLease’s expectations include, but are not
limited to, changes in capital markets and economic conditions, completion of
the offering on the terms described in the registration statement, the
prospectus supplement relating to the offering and the accompanying
prospectus, and use of proceeds from the sale of the Series C Preferred Stock.
For more information regarding these and other risks and uncertainties, review
CapLease’s Annual Report on Form 10-K for the year ended December 31, 2012 and
its other filings with the Securities and Exchange Commission.
About the Company:
CapLease, Inc. is a real estate investment trust, or REIT, that primarily owns
and manages a diversified portfolio of single tenant commercial real estate
properties subject to long-term leases to high credit quality tenants.
Brad Cohen, 212-217-6393
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