NEW
YORK, Nov. 12, 2024 /PRNewswire/ -- Safehold
Inc. (the "Company" or "Safehold") (NYSE: SAFE) today announced
that its operating company, Safehold GL Holdings LLC (the
"operating company"), has priced a public offering of $400 million aggregate principal amount of its
5.650% senior notes due 2035 (the "Notes"). The Notes will
mature on January 15, 2035. The
offering is expected to settle on November
14, 2024, subject to the satisfaction of customary closing
conditions. The Notes will be fully and unconditionally guaranteed
by the Company. The public offering price of the Notes was 98.812%
of the principal amount for an effective semi-annual yield to
maturity of 5.804%.
The Company has recently terminated hedges and realized a cash
settlement gain of approximately $22
million. Giving effect to this gain, the Company expects to
recognize an effective semi-annual yield to maturity of
approximately 5.09%.
The operating company intends to use the net proceeds from the
offering for general corporate purposes, which may include repaying
borrowings under its unsecured revolver, making additional
investments in ground leases, providing for working capital and
funding obligations under existing commitments.
J.P. Morgan Securities LLC, BofA Securities, Goldman Sachs &
Co. LLC and Truist Securities, Inc. acted as joint book-running
managers and representatives of the underwriters for the offering.
Mizuho Securities USA
LLC, RBC Capital Markets, LLC, Barclays Capital Inc., Morgan
Stanley & Co. LLC, and SMBC Nikko Securities America, Inc. are
also acting as joint book-running managers for the offering. BNP
Paribas Securities Corp., Raymond
James & Associates, Inc. and Citizens JMP Securities,
LLC are acting as co-managers for the offering.
This offering is being made pursuant to an effective shelf
registration statement and prospectus and related preliminary
prospectus supplement filed by the Company and the operating
company with the Securities and Exchange Commission. This press
release shall not constitute an offer to sell or the solicitation
of any offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction 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.
Copies of the prospectus supplement and related prospectus for
this offering can be obtained, when available, from J.P. Morgan
Securities LLC, 383 Madison Avenue, New
York, NY 10179, Attention: Investment Grade Syndicate Desk,
3rd Floor, telephone collect at (212) 834-4533; or BofA Securities,
Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte NC
28255-0001, Attn: Prospectus Department or by email
dg.prospectus_requests@bofa.com, telephone (1-800-294-1322); or
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; or Truist Securities, Inc.,
Attention: Prospectus Department, 303 Peachtree Street,
Atlanta, GA 30308, telephone:
800-685-4786, or e-mail: TSIdocs@Truist.com.
Forward-Looking Statements:
This press release may contain forward-looking statements within
the meaning of the federal securities laws, which are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. Forward-looking statements
involve numerous risks and uncertainties and you should not rely on
them as predictions of future events. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "plan," "may," "should," "will,"
"would," "will be," "seek," "approximately," "pro forma,"
"contemplate," "aim," "continue," or the negative of these words
and phrases or similar words or phrases which are predictions of or
indicate future events or trends and which do not relate solely to
historical matters. While forward-looking statements reflect the
Company's good faith beliefs, assumptions and expectations, they
are not guarantees of future performance. For example, the fact
that the offering described above has priced may imply that the
offering will close, but the closing is subject to conditions
customary in transactions of this type and the closing may be
delayed or may not occur at all. For a further discussion of the
factors that could cause the Company's future results to differ
materially from any forward-looking statements, see the reports and
other filings by the Company with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31, 2023. You
should not place undue reliance on any forward-looking statements,
which are based only on information currently available to us (or
to third parties making the forward-looking statements). The
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future
events or other changes.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate
ownership by providing a new and better way for owners to unlock
the value of the land beneath their buildings. Having created the
modern ground lease industry in 2017, Safehold continues to help
owners of high quality multifamily, office, industrial,
hospitality, student housing, life science and mixed-use properties
generate higher returns with less risk. The Company, which is taxed
as a real estate investment trust (REIT), seeks to deliver safe,
growing income and long-term capital appreciation to its
shareholders.
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
