Urstadt Biddle Properties Inc. Announces Closing of Over-Allotment Option for Series H Preferred Stock Offering
September 26 2017 - 3:05PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA), a
self-administered equity real estate investment trust, today
announced that the underwriters of the previously announced public
offering of 4,000,000 shares of its 6.250% Series H Cumulative
Redeemable Preferred Stock, liquidation preference of $25.00 per
share, have exercised in full their option to purchase an
additional 600,000 shares of Series H Preferred Stock from the
Company, resulting in approximately $14.5 million of additional
proceeds to the Company before offering expenses.
The Company intends to use the net proceeds from the
over-allotment option to fund the redemption of all of the
outstanding shares of its existing Series F preferred stock.
Pending the use of the net proceeds as described above, the Company
may use the net proceeds to make investments in short-term
income-producing securities that are consistent with its
qualification as a REIT.
BMO Capital Markets Corp. and Wells Fargo Securities, LLC acted
as joint book-running managers for the offering. D.A. Davidson
& Co., J.J.B. Hilliard, W.L. Lyons, LLC, FBR Capital Markets
& Co., a B. Riley Financial Company, BNY Mellon Capital
Markets, LLC and Deutsche Bank Securities Inc. acted as co-managers
for the offering.
A final prospectus supplement and accompanying base prospectus
related to the offering has been filed with the Securities and
Exchange Commission. Copies of the final prospectus supplement and
accompanying base prospectus may be obtained by contacting BMO
Capital Markets Corp., Attention: Syndicate Department, 3 Times
Square, 25th Floor, New York, New York 10036 or by telephone at
(800) 414-3627 or by email at bmoprospectus@bmo.com; or Wells Fargo
Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue
South, Suite 1000, Minneapolis, Minnesota 55402 or by telephone at
(800) 645-3751 or by email at
wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
81 properties containing approximately 5.1 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 190 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 23
consecutive years.
This press release contains statements that constitute
“forward-looking statements,” including with regard to the
anticipated use of the net proceeds from the offering. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. No assurance can
be given that the net proceeds from the offering will be used as
indicated. These statements are subject to numerous conditions,
many of which are beyond the control of the Company, including
those set forth in or incorporated by reference into the Risk
Factors section of the Company’s Registration Statement on Form
S-3. Copies are available on the SEC’s website, www.sec.gov. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170926006713/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, President and
CEOorJohn T. Hayes, Senior Vice President & CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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