Saul Centers Prices New Preferred

REIT Saul Centers (NYSE:BFS) has priced their new preferred stock with a fixed coupon of 6.00%–slightly better than I thought it might come at.

All of the terms are normal REIT preferred terms.

The company plans to call their 6.875% BFS-C issue with the proceeds of this offering.

The pricing term sheet can be see here.

mcg had this pricing last night in under the New Preferred OTC Grey Market Tickers note I had posted

8 thoughts on “Saul Centers Prices New Preferred”

  1. Thanks Tim, I bought this morning. Pretty safe reit considering their dividend history. ATB.

  2. No thank you. I’m hanging onto my SITC-J instead with its 6.5% coupon trading at 25.50 with an upcoming ex-div. I don’t see much if any call risk with SITC-J and I like the 6.5% coupon for a preferred that’s really safer than its BB rating.

  3. I remember the good old days when I held the BFS-A 8% issue for a number of years before it was called. It’s still difficult getting used to this “new normal” interest rate environment.

    1. kaptain–those were the good old days–now we have to work hard to get a decent 5%–with the benefit of hindsight we didn’t know how good we had it.

      1. Great words there, Tim! Yes, that benefit of hindsight is the best thing to lean upon right now, with a larger base and lower rates, we can still make higher absolute income. The new players must be feeling the pain.

        Quick question – how do you get the alerts the new BAC preferred issue? sec page for BAC has so many 424B5’s that if I start opening each one of them, as soon as they post it, i will just keep doing that – do you have another source here?

        1. One can look at the FINRA dailies but for timeliness there is no sub for the 424s. Some days JPM posts 50 of them.

          In almost all cases new issues get posted here before they get priced or start trading.

          I appreciate the folks who keep a lookout.

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