Safehold Announces Upsizing and Pricing of Public Offering and Concurrent Private Placement
March 18 2020 - 8:45AM
Business Wire
Safehold Inc. (NYSE: SAFE) (the "Company") announced today that
it has priced an underwritten public offering of 1,300,000 shares
of its common stock at a public offering price of $46.88 per share
for total gross proceeds of approximately $61 million. The public
offering was upsized from the previously announced 900,000 shares
of common stock. In connection with the offering, the Company has
granted the underwriters in the offering a 30-day option to
purchase up to an additional 195,000 shares of its common stock.
The offering is expected to close on March 20, 2020 and is subject
to customary closing conditions.
Concurrently with the completion of the public offering, the
Company will sell to iStar Inc. (NYSE: STAR), in a private
placement, 1,706,485 shares of common stock at the public offering
price, which represents approximately 57% of the total shares to be
issued in the public offering and concurrent iStar private
placement (excluding the underwriters' option to purchase
additional shares). The Company raised total gross proceeds of $141
million in the public offering and concurrent iStar private
placement.
The Company intends to use the net proceeds from the offering
and concurrent iStar private placement to make additional ground
lease investments and for general business purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock in the
public offering or the concurrent iStar private placement, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
BofA Securities and Goldman Sachs & Co. LLC are acting as
joint book-running managers and representatives of the underwriters
for the offering. J.P. Morgan, Barclays, Mizuho Securities and
SunTrust Robinson Humphrey are also acting as joint book-running
managers for the offering. Raymond James, Citigroup, Morgan Stanley
and UBS Investment Bank are acting as co-managers for the offering.
The Company has filed a registration statement on Form S-3
(including a preliminary prospectus supplement and accompanying
prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
preliminary prospectus supplement and accompanying prospectus and
other documents the Company has filed with the SEC for more
complete information about the Company and this offering. You may
obtain these documents for free by visiting EDGAR on the SEC
website at www.sec.gov. The Company or any underwriter or any
dealer participating in the offering will arrange to send you the
prospectus supplement (when available) and accompanying prospectus
if you request it by contacting BofA Securities, NC1-004-03-43, 200
North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn:
Prospectus Department or by email to
dg.prospectus_requests@bofa.com or Goldman Sachs & Co. LLC, 200
West Street, New York, NY 10282, Attn: Prospectus Department or by
email to prospectus-NY@ny.email.gs.com.
About Safehold:
Safehold Inc. (NYSE: SAFE) is a publicly traded REIT that
originates and acquires ground leases in order to generate
attractive long-term risk-adjusted returns.
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version on businesswire.com: https://www.businesswire.com/news/home/20200318005373/en/
Company: Jason Fooks, Senior Vice President of Investor
Relations & Marketing investors@safeholdinc.com
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