<SEC-DOCUMENT>0001193125-19-242251.txt : 20190911
<SEC-HEADER>0001193125-19-242251.hdr.sgml : 20190911
<ACCEPTANCE-DATETIME>20190910185132
ACCESSION NUMBER:		0001193125-19-242251
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190911
DATE AS OF CHANGE:		20190910

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:	333-222262
		FILM NUMBER:		191086437

	BUSINESS ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019866016

	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:		3019866016

	MAIL ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
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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 <FONT STYLE="white-space:nowrap">File&nbsp;No.&nbsp;333-222262</FONT> </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>4,000,000 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 6.000% Series E 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>September&nbsp;10, 2019 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Saul Centers, Inc.</TD></TR>
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<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Depositary shares, each representing a 1/100th fractional interest in a share of 6.000% Series E Cumulative Redeemable Preferred Stock</TD></TR>
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<TD VALIGN="top"><B>Shares Offered:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4,000,000 shares (4,400,000 shares including the over-allotment option)</TD></TR>
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<TD VALIGN="top"><B>Type of Security:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SEC Registered&#151;Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-222262;</FONT> preliminary prospectus supplement, subject to completion, dated September 10, 2019 (&#147;Preliminary
Prospectus&#148;)</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">September 10, 2019</TD></TR>
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<TD VALIGN="top"><B>Settlement and Delivery Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">September&nbsp;17, 2019 (T +5) Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to
any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade depositary shares prior to September&nbsp;17, 2019 will be required, by virtue of the fact that the depositary shares initially will settle in T+5, to specify an
alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the depositary shares who wish to trade their depositary shares prior to their date of delivery should consult their advisors.</TD></TR>
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<TD VALIGN="top"><B>Public Offering Price:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$25.00 per depositary share; $100,000,000 total (not including over-allotment option)</TD></TR>
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<TD VALIGN="top"><B>Underwriting Discount:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$0.7875 per depositary share; $3,150,000 total (not including over-allotment option)</TD></TR>
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<TD VALIGN="top"><B>Net Proceeds to the Issuer, before Expenses:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$24.2125 per depositary share; $96,850,000 total (not including over-allotment option)</TD></TR>
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<TD VALIGN="top"><B>Dividend Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$1.50 per depositary share each year, which is equivalent to 6.000% of the $25.00 liquidation preference per depositary share.</TD></TR>
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<TD VALIGN="top"><B>Dividend Payment Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payable quarterly in arrears, on January&nbsp;15, April&nbsp;15, July&nbsp;15 and October&nbsp;15, beginning on October&nbsp;15, 2019; 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></TABLE>
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<TD VALIGN="top"><B>Dividend Record Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</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"><B>Liquidation Preference:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$25.00 per share</TD></TR>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Not redeemable prior to September&nbsp;17, 2024, 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 as otherwise described in the Preliminary Prospectus. On and after September&nbsp;17, 2024, the Issuer may, at its option, redeem the Series E 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"><B>Special Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;</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 E 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 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 E 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 E Preferred Stock will not have the conversion right described below.</P></TD></TR>
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<TD VALIGN="top"><B>Conversion Rights:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Share Cap</U>: 0.9617</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 E Preferred Stock underlying the depositary shares will not exceed 3,846,800
shares of the Issuer&#146;s common stock (or equivalent Alternative Conversion Consideration, as applicable), subject to increase to the extent the underwriters&#146; over-allotment option is exercised, not to exceed 4,231,480 shares of the
Issuer&#146;s common stock in the aggregate (or equivalent Alternative Conversion Consideration, as applicable).</P></TD></TR>
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<TD VALIGN="top"><B>Proposed NYSE Listing Symbol:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">BFSPrE</TD></TR>
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<TD VALIGN="top"><B>CUSIP:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">804395 879</TD></TR>
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<TD VALIGN="top"><B>ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">US8043958797</TD></TR></TABLE>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Raymond James&nbsp;&amp; Associates, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Stifel, Nicolaus&nbsp;&amp; Company, Incorporated</P></TD></TR>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top">B. Riley FBR, Inc.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">D.A. Davidson&nbsp;&amp; Co.</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 December</B><B></B><B>&nbsp;22, 2017) and
a preliminary prospectus supplement dated September </B>10, <B>2019 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</B><B></B><B>&nbsp;&amp; Associates,
Inc. by calling toll-free</B> <B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-248-8863.</FONT></FONT></B> </P>
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