NEW
YORK, Aug. 8, 2023 /PRNewswire/ -- Safehold
Inc. (NYSE: SAFE) (the "Company") announced today that it has
priced an underwritten public offering of 6,500,000 shares of its
common stock at a public offering price of $21.40 per share for total gross proceeds of
$139.1 million. In connection with
the offering, the Company has granted the underwriters in the
offering a 30-day option to purchase up to an additional 975,000
shares of its common stock. The offering is expected to close on
August 10, 2023 and is subject to
customary closing conditions.
BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan, and
Morgan Stanley have acted as joint book-running managers for the
public offering. Mizuho, Truist Securities, Jefferies and RBC
Capital Markets are also acting as joint book-running managers for
the offering. Barclays, Raymond
James and Capital One Securities are acting as senior
co-managers for the offering, and B. Riley Securities and BNP
PARIBAS are acting as co-managers for the offering.
Concurrently with the completion of the public offering, the
Company will sell, subject to customary closing conditions, to
certain affiliates of MSD Partners, L.P. in a private placement
599,983 shares of common stock (which may be increased up to a cap
of 639,656 shares of common stock due to current limitations under
NYSE rules and regulations if the underwriters' option to purchase
additional shares of common stock is exercised prior to the closing
of the private placement). In total, the Company will sell a
combined 7,099,983 shares, raising total gross proceeds of
approximately $151.9 million in the
public offering and concurrent MSD private placement (excluding the
underwriters' option to purchase additional shares).
The Company intends to use the net proceeds from the public
offering and concurrent private placement for general corporate
purposes, which may include repaying or repurchasing indebtedness
(including amounts outstanding from time to time under the
Company's revolving credit facility), making additional investments
in ground leases, providing for working capital and funding
obligations under existing ground lease commitments.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock, 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.
The public offering is being made pursuant to an effective shelf
registration statement filed by the Company with the Securities and
Exchange Commission ("SEC"). A final prospectus supplement and
accompanying prospectus relating to the public offering will be
filed with the SEC and will be available on the SEC's
website. 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 public offering will arrange to
send you the final prospectus supplement and accompanying
prospectus if you request it by contacting BofA Securities, 201
North Tryon Street, Charlotte, NC
28255-0001, Attention: Prospectus Department or by email
dg.prospectus_requests@bofa.com; Goldman Sachs & Co. LLC,
Prospectus Department, 200 West Street, New York, NY 10282, telephone at (866)
471-2526 or by emailing prospectus- ny@ny.email.gs.com; J.P. Morgan
Securities LLC, Attention: Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY
11717, telephone: 1-866-803-9204 or
email: prospectus-eq_fi@jpmchase.com.; and, Morgan Stanley,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014.
About Safehold:
Safehold Inc. (NYSE: SAFE) is a publicly traded REIT that
acquires, manages and capitalizes ground leases and seeks to
deliver safe, growing income and long-term capital appreciation to
its stockholders.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
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SOURCE Safehold