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Saul Centers prices $96M depositary share offering

Saul Centers Inc. priced an offering of 4.0 million depositary shares at $25.00 apiece, for expected net proceeds of approximately $96.4 million.

Each depositary share represents a 1/100th fractional interest in a share of the real estate investment trust's 6.000% series E cumulative redeemable preferred stock. The offering comes with a 30-day overallotment option for the underwriters to buy up to 400,000 additional depositary shares.

The REIT aims to use net proceeds to redeem the outstanding shares of its 6.875% series C cumulative redeemable preferred stock and the related depositary shares.

Raymond James & Associates Inc., Stifel Nicolaus & Co. Inc., B. Riley FBR Inc. and D.A. Davidson & Co. are the joint book-running managers for the offering, which is set to close on or about Sept. 17.