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Saul Centers sells add-on to preferreds; Scorpio Tankers admitted to trading on NYSE
By Christine Van Dusen and Stephanie N. Rotondo
Atlanta, Nov. 6 – Maryland’s Saul Centers Inc. priced an add-on to its 6.875% series C preferreds, and Monaco-based Scorpio Tankers Inc.’s new notes started trading on Thursday morning while other preferreds saw light volumes.
Real estate investment trust Saul Centers priced an additional $40 million of its 6.875% cumulative redeemable preferred shares. The 1.6 million shares, which have a $25.00 liquidation preference, priced at $25.17 for proceeds of $40.27 million, according to an FWP filing with the Securities and Exchange Commission.
The original $125 million of preferreds were issued on Feb. 12, 2013.
Raymond James & Associates Inc. was the bookrunner for the SEC-registered transaction.
The proceeds will be used to redeem all outstanding shares of the company’s 8% series A cumulative redeemable preferred stock and the related depositary shares.
The company expects to list the preferreds on the New York Stock Exchange under the ticker “BFSPrC.”
Also on Thursday, container ship company Scorpio Tankers’ $45 million of 7.5% $25-par senior notes due Oct. 15, 2017 – which priced on Oct. 28 – began trading on the New York Stock Exchange with the symbol “SBNB.”
Stifel, Nicolaus & Co. Inc., Jefferies Inc., Credit Suisse Securities (USA) LLC and Janney Montgomery Scott LLC were the joint bookrunners.
The offering has a $6.75 million over-allotment option.
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