Saul Centers to Issue Preferred for a “Refi”

REIT Saul Centers (NYSE:BFS) has announced a new issuance of preferred shares with the intention to redeem the 6.875% BFS-C issue.

The issue will be a typical REIT issue being cumulative and non qualified. The permanent ticker will be BFS-E when it trades on the big board. The OTC ticker has not been announced yet.

While likely to be unrated BFS is a quality company and the coupon is likely to be somewhat meager.

The preliminary prospectus can be found here.

mcg was right on this one in the Reader Initiated Alerts section.

2 thoughts on “Saul Centers to Issue Preferred for a “Refi””

  1. Bot it when it dipped to 25.15 recently. I was hoping they would forget about it for a few years.

    1. kapil–I had done a couple dividend captures on it that worked well. It had a partial call 18 months ago so it was on the companies ‘radar’.

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