Saul Centers to Sell Preferred Issue

Large shopping center REIT Saul Center (NYSE:BFS) will be selling a new preferred issue. Given the quality of the company we would expect that the coupon will be low (in the 5’s).

Details have not been announced except it will have the standard cumulative, redeemable perpetual terms.

Preliminary details are here.

The company has a 6.875% preferred issue outstanding (BFS-C) which becomes redeemable on 2/12/2018 and likely will be redeemed with the proceeds of this issue.