NEW YORK--(BUSINESS WIRE)--
Safety, Income and Growth, Inc. (NYSE:SAFE) today announced the pricing
of its initial public offering of 10,250,000 shares of its common stock
at $20.00 per share. iStar Inc. will also purchase 2,250,000 shares of
SAFE's common stock in a concurrent private placement at $20.00 per
share. Shares of SAFE's common stock are expected to begin trading on
the New York Stock Exchange on June 22, 2017 under the symbol "SAFE,"
and the public offering and concurrent private placement are expected to
close on June 27, 2017, subject to customary closing conditions. SAFE
has granted the underwriters a 30-day option to purchase up to an
additional 1,537,500 shares of its common stock at the initial public
offering price less the underwriting discount.
SAFE will receive total net proceeds of $246 million from the $250
million public offering and concurrent private placement. SAFE intends
to use approximately $142 million of the net proceeds to acquire two
ground net lease assets that are under contract to purchase and the
balance of $104 million for general business purposes, including future
acquisitions and originations of ground net lease assets.
The public offering is being made through an underwriting group led by
BofA Merrill Lynch, J.P. Morgan and Barclays, who are acting as lead
book-runners for the public offering. Citigroup and Raymond James are
acting as joint book-running managers. Mizuho Securities is acting as a
co-manager.
A registration statement on Form S-11, including a prospectus, relating
to the common stock being sold in the public offering has been declared
effective by the Securities and Exchange Commission. This press release
shall not constitute an offer to sell or a solicitation of an offer to
buy such securities, nor shall there by any sale of such securities in
any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
The public offering of common stock may be made only by means of a
prospectus. Copies of the prospectus may be obtained by contacting:
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(i)
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BofA Merrill Lynch, NC1004-03-43, 200 North College Street, 3rd
Floor, Charlotte NC 28255-0001, Attention: Prospectus Department,
or by emailing dg.prospectus_requests@baml.com
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(ii)
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J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus
Department, or by calling (866) 803-9204
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(iii)
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Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, by emailing Barclays prospectus@broadridge.com,
or by calling (888) 603-5847
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SAFE is the first publicly-traded company formed primarily to acquire,
own, manage, finance and capitalize ground net leases. SAFE is managed
by SFTY Manager LLC, a subsidiary of iStar Inc. (NYSE:STAR), SAFE’s
largest shareholder.
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