CapLease (LSE) Prices 2M Preferred Offering; Sees Net Proceeds of $48.3M

CapLease, Inc. (NYSE: LSE) has priced an underwritten public offering of 2,000,000 shares of its 8.375% Series B Cumulative Redeemable Preferred Stock, at a public offering price of $25.00 per share. The offering is expected to close on April 19, 2012, subject to customary closing conditions. Dividends on the Series B Preferred Stock will be payable quarterly on or about the 15th day of January, April, July and October of each year, commencing July 16, 2012. The dividend rate is 8.375% per annum of the $25.00 liquidation preference, which is equivalent to $2.09375 per annum per share of Series B Preferred Stock. CapLease has granted the underwriters of the offering a 30-day option to purchase up to 300,000 additional shares of Series B Preferred Stock solely to cover over-allotments, if any.

CapLease intends to file an application to list the Series B Preferred Stock on the New York Stock Exchange under the symbol “LSEPrB.” If that application is approved, trading of the Series B Preferred Stock on the New York Stock Exchange is expected to begin within 30 days after the date of initial issuance of the Series B Preferred Stock.

CapLease estimates that the net proceeds from the offering, after deducting the underwriting discount and estimated offering expenses, will be approximately $48.3 million, excluding any net proceeds received if the underwriters exercise the over-allotment option. CapLease intends to use the net proceeds of the offering to fund future acquisitions and for other general corporate purposes.

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