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Saul Centers, 6.875% Dep Shares Series C Cumulative Redeemable Preferred Stock
Ticker Symbol: BFS-C* CUSIP: 804395606 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/17/2019
Security has been Called for: Thursday, October 17, 2019
Sept. 17, 2019 -- Saul Centers, Inc. today announced that it has closed an underwritten public offering of 4,000,000 depositary shares, each representing a 1/100th fractional interest in a share of its newly designated 6.000% Series E Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share. Today the Company also called for the redemption of 4,200,000 depositary shares, each representing a 1/100th fractional interest in a share of its 6.875% Series C Cumulative Redeemable Preferred Stock (CUSIP: 804395 606; NYSE: BFSPrC). The Series C Depositary Shares will be redeemed for cash on October 17, 2019, at $25.00 per share, plus all accumulated and unpaid distributions to, but not including, the redemption date, for an aggregate redemption price of $25.07638 per Depositary Share. The redemptions will be made in accordance with The Depositary Trust Company's procedures. The Series C Depositary Shares shall be surrendered for payment of the redemption price to Continental Stock Transfer & Trust Company, the redemption and paying agent. From and after the redemption date, no Series C Depositary Shares will remain outstanding and dividends will cease to accrue on the Depositary Shares, regardless of whether they were surrendered for payment. ____________ Sep 11, 2019 -- The Company intends to use the net proceeds from the offering of 6.0% Dep Shares Series E Cumulative Redeemable Preferred Stock to redeem all or a portion of the outstanding shares of its 6.875% Series C Cumulative Redeemable Preferred Stock and the related depositary shares. ________________ Jan. 23, 2018 -- Saul Centers, Inc. today announced that it has closed an underwritten public offering of 3,000,000 depositary shares, each representing a 1/100th fractional interest in a share of its newly designated 6.125% Series D Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share. Today the Company also called for the redemption of 3,000,000 depositary shares, each representing a 1/100th fractional interest in a share of its 6.875% Series C Cumulative Redeemable Preferred Stock (CUSIP: 804395606; NYSE: BFSPrC). The Depositary Shares will be redeemed for cash on February 22, 2018, at $25.00 per share, plus all accumulated and unpaid distributions to, but not including, the redemption date, for an aggregate redemption price of $25.24345 per Depositary Share. The redemptions will be made in accordance with The Depositary Trust Company's procedures. The Depositary Shares shall be surrendered for payment of the redemption price to Continental Stock Transfer & Trust Company, the redemption and paying agent. From and after the redemption date, dividends will cease to accrue on the Depositary Shares that were redeemed, regardless of whether they were surrendered for payment. ____________ Jan. 16, 2018 -- Saul Centers, Inc. today announced that it priced 3 million depositary shares, each representing a 1/100th fractional interest in a share of the Company's 6.125% Series D Cumulative Redeemable Preferred Stock, at an initial public offering price of $25.00 per depositary share. The Company intends to use the net proceeds from this offering to redeem, in part, outstanding shares of its 6.875% Series C Cumulative Redeemable Preferred Stock and the related depositary shares. ____________ Nov. 12, 2014 -- Saul Centers, Inc. today announced that it has closed an underwritten public offering of 1,600,000 depositary shares, each representing a 1/100th fractional interest in a share of its 6.875% Series C Cumulative Redeemable Preferred Stock, at a price of $25.17 per depositary share. The depositary shares represent a new issuance of additional depositary shares that were first issued on February 12, 2013. The Company estimates that the net proceeds from the offering will be approximately $39.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds, together with cash on hand, to redeem all outstanding shares of its 8% Series A Cumulative Redeemable Preferred Stock on December 12, 2014.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Saul Centers, 6.875% Depositary Shares each representing 1/100th of a share of the 6.875% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 2/12/2018 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.875% per annum ($1.71875 per annum or $0.4296875 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Upon the occurrence of a change of control or a delisting event the company will have the option within 120 days (90 days for delisting) to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (BFS)
IPO - 1/30/2013 - 5.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Market Value $125.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 7501 Wisconsin Avenue, Bethesda, MD 20814 |
| Main Phone Number |
301-986-6200 |
| Fax Number |
301-986-6079 |
| Investor Relations
Dee Dee Russo
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301-986-6016
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Toll Free Phone Number |
Unknown |
| CEO - B. Francis Saul II |
CFO - Scott V. Schneider |
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