CapLease Announces Pricing of $20 Million of Series C Preferred Stock
NEW YORK--(BUSINESS WIRE)-- CapLease, Inc. (NYS: LSE) announced today that it has priced an underwritten public offering of 850,000 shares of its 7.25% Series C Cumulative Redeemable Preferred Stock. The shares were priced at $24.57627 per share (plus accrued dividends), equating to a yield of 7.375%.
CapLease intends to use the net proceeds from the offering to repurchase or redeem its issued and outstanding 8.125% Series A Preferred Stock. The offering is expected to close on March 1, 2013, subject to customary closing conditions.
Upon completion of the offering, CapLease will have 1,700,000 shares of its 7.25% Series C Cumulative Redeemable Preferred Stock issued and outstanding. The Series C Preferred Stock is listed on the New York Stock Exchange under the symbol "LSEPrC." CapLease has filed an application to list the additional shares of Series C Preferred Stock to be issued in the offering on the New York Stock Exchange.
Wells Fargo Securities, LLC is serving as the underwriter of the offering.
The shares will be issued pursuant to a registration statement that has been declared effective by the Securities and Exchange Commission. A prospectus supplement and related prospectus relating to the offering have been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares, nor shall there be any sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
The offering may be made only by means of a prospectus supplement and the related prospectus. You may request copies of these documents by contacting Wells Fargo Securities, LLC, 1525 W.T. Harris Boulevard, NC0675, Charlotte, NC 28262, Attention: Capital Markets Client Support (telephone: (800) 326-5897 or email: email@example.com).
This press release contains statements that are forward-looking. Such forward-looking statements involve risks and uncertainties and actual outcomes may differ materially from those projected. Factors that could cause actual results to differ materially from CapLease's expectations include, but are not limited to, changes in capital markets and economic conditions, completion of the offering on the terms described in the registration statement, the prospectus supplement relating to the offering and the accompanying prospectus, and use of proceeds from the sale of the Series C Preferred Stock. For more information regarding these and other risks and uncertainties, review CapLease's Annual Report on Form 10-K for the year ended December 31, 2012 and its other filings with the Securities and Exchange Commission.
About the Company:
CapLease, Inc. is a real estate investment trust, or REIT, that primarily owns and manages a diversified portfolio of single tenant commercial real estate properties subject to long-term leases to high credit quality tenants.
Brad Cohen, 212-217-6393
KEYWORDS: United States North America New York
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