<SEC-DOCUMENT>0001193125-14-401284.txt : 20141106
<SEC-HEADER>0001193125-14-401284.hdr.sgml : 20141106
<ACCEPTANCE-DATETIME>20141106171459
ACCESSION NUMBER:		0001193125-14-401284
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141106
DATE AS OF CHANGE:		20141106

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL CENTERS INC
		CENTRAL INDEX KEY:			0000907254
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521833074
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-185595
		FILM NUMBER:		141201759

	BUSINESS ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019866207

	MAIL ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL CENTERS INC
		CENTRAL INDEX KEY:			0000907254
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521833074
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019866207

	MAIL ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>d816191dfwp.htm
<DESCRIPTION>FWP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration File No.&nbsp;333-185595 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAUL CENTERS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1,600,000 Depositary Shares </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Each Representing 1/100th of a share of 6.875% Series C Cumulative Redeemable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Preferred Stock (Par Value $0.01 Per Share) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Liquidation Preference Equivalent to $25.00 Per Depositary Share) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Final Term Sheet </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>November&nbsp;6, 2014 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><B>Issuer:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Saul Centers, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP><B>Security:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Depositary shares, each representing a 1/100th fractional interest in a share of 6.875% Series C Cumulative Redeemable Preferred Stock</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Shares Offered:</B> <B></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">1,600,000 shares</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Type of Security:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SEC Registered&#151;Registration Statement No. 333-185595; preliminary prospectus supplement, subject to completion, dated November 6, 2014 (&#147;Preliminary Prospectus&#148;)</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Trade Date:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">November 6, 2014</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Settlement&nbsp;and&nbsp;Delivery&nbsp;Date:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">November 12, 2014 (T +4)</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Public Offering Price:</B> <B></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">$25.17 per depositary share; $40,272,000 total</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Underwriting Discount:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">$0.5034 per depositary share; $805,440</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Net Proceeds to the Issuer,</B><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><B>before Expenses:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$24.6666 per depositary share; $39,466,560 total</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Dividend Rate:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">$1.71875 per depositary share each year, which is equivalent to 6.875% of the $25.00 liquidation preference per depositary share.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Dividend Payment Date:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Payable quarterly in arrears, on January 15, April 15, July 15 and October 15; provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date
may be paid on the next succeeding business day.</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Dividend Record Date:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Dividends are payable to holders of record of depositary shares as they appear in the depositary&#146;s records at the close of business on the applicable record date, which will be the date that the Issuer&#146;s board of directors
designates for the payment of a dividend that is not more than 30 nor less than 10 days prior to the dividend payment date.</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Liquidation Preference:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">$25.00 per share</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Not redeemable prior to February 12, 2018, except under circumstances intended to preserve the Issuer&#146;s qualification as a REIT for federal income tax purposes, as described below under &#147;Special Optional Redemption&#148;
or</TD></TR></TABLE>

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<TD VALIGN="top">as otherwise described in the Preliminary Prospectus. On and after February&nbsp;12, 2018, the Issuer may, at its option, redeem the Series C preferred stock underlying the depositary shares, in whole or in part, at any time or from
time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption.</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Special&nbsp;Optional&nbsp;Redemption:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the occurrence of a Change of Control or Delisting Event (each as defined in the Preliminary Prospectus), the Issuer may, at its option,
redeem the Series C preferred stock underlying the depositary shares, in whole or in part and within 120 days (or 90 days, in case of a Delisting Event) after the first date on which such Change of Control or Delisting</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Event occurred, by paying $2,500.00 per share (equivalent to $25.00 per depositary share), plus any accrued and unpaid dividends to, but not including, the
date of redemption. If, prior to the applicable conversion date (as defined in the Preliminary Prospectus), the Issuer has provided or provides notice of exercise of any of its redemption rights relating to the</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Series C preferred stock underlying the depositary shares (whether its optional redemption right or its special optional redemption right), the holders of
depositary shares representing interests in the Series C preferred stock will not have the conversion right described below.</P></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Conversion Rights:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Share Cap</U>: 1.1385</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Exchange Cap</U>: Subject to certain adjustments, the aggregate number of shares of the Issuer&#146;s common stock (or equivalent Alternative Conversion
Consideration (as defined in the Preliminary Prospectus), as applicable) issuable in connection with the exercise of the conversion right and in respect of the Series C preferred stock underlying the depositary shares will not exceed 8,197,200
shares of the Issuer&#146;s common stock (or equivalent Alternative Conversion Consideration, as applicable).</P></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Proposed NYSE Listing</B><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><B>Symbol:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">BFSPrC</TD></TR>
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<TD VALIGN="top" NOWRAP><B>CUSIP:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">804395 606</TD></TR>
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<TD VALIGN="top" NOWRAP><B>ISIN:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">US8043956064</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Book-Running Manager:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Raymond James &amp; Associates, Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a base prospectus dated January&nbsp;3, 2013) and a preliminary
prospectus supplement, dated November&nbsp;6, 2014 with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the preliminary prospectus supplement and
other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC&#146;s web site at </B><B><I>www.sec.gov</I></B><B>. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and related preliminary prospectus supplement if you request them from Raymond James&nbsp;&amp; Associates, Inc. by calling toll-free
1-800-248-8863. </B></P>
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