Safehold Announces Upsizing and Pricing of Public Offering and Concurrent Private Placement
November 10 2020 - 7:57PM
Business Wire
Safehold Inc. (NYSE: SAFE) (the "Company") announced today that
it has priced an underwritten public offering of 800,000 shares of
its common stock at a public offering price of $61.00 per share for
total gross proceeds of approximately $48.8 million. The public
offering was upsized from the previously announced 600,000 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 120,000 shares of its common stock.
The offering is expected to close on November 13, 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, 1,065,574 shares of common stock at the public offering
price for total gross proceeds of approximately $65 million. The
amount to be purchased by iStar 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).
In total, the Company will sell a combined 1,865,574 shares,
raising total gross proceeds of $113.8 million in the public
offering and concurrent iStar private placement (excluding the
underwriters' option to purchase additional shares).
The Company intends to use the net proceeds from the offering
and concurrent iStar private placement to make additional
investments in ground leases, to repay outstanding borrowings under
the Company's revolving credit facility 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.
Goldman Sachs & Co. LLC and BofA Securities are acting as
joint book-running managers and representatives of the underwriters
for the offering. J.P. Morgan, Barclays, Mizuho Securities and
Truist Securities are also acting as joint book-running managers
for the offering. Morgan Stanley, Raymond James, Citigroup, SMBC
Nikko, UBS Investment Bank and Capital One Securities are acting as
co-managers for the offering. The Company has filed a registration
statement on Form S-3 with the SEC for the offering to which this
communication relates. Before you invest, you should read the
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 Goldman Sachs & Co. LLC, 200
West Street, New York, NY 10282, Attn: Prospectus Department or by
email to prospectus-NY@ny.email.gs.com or 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.
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/20201110006288/en/
Jason Fooks, Senior Vice President of Investor Relations
& Marketing 212.930.9400 investors@safeholdinc.com
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