Saul Centers Inc. closed an offering of 4.0 million depositary shares, each representing a 1/100th fractional interest in a share of the real estate investment trust's 6.000% series E cumulative redeemable preferred stock.
The company also plans to redeem for cash, on Oct. 17, 4.2 million depositary shares at $25.00 apiece, plus applicable distributions. Each depositary share represents a 1/100th fractional interest in a share of the company's 6.875% series C cumulative redeemable preferred stock. The aggregate redemption price will be $25.07638 per depositary share.
Raymond James & Associates Inc., Stifel Nicolaus & Co. Inc., B. Riley FBR Inc. and D.A. Davidson & Co. were the joint book-running managers for the underwritten public offering.
Continental Stock Transfer & Trust Co. is the redemption and paying agent.
