Urstadt Biddle Properties Inc. Announces Closing of Over-Allotment Option for Series K Preferred Stock Offering
October 07 2019 - 3:15PM
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 5.875% Series K Cumulative
Redeemable Preferred Stock, liquidation preference of $25.00 per
share, have partially exercised their over-allotment option to
purchase an additional 400,000 shares of Series K Preferred Stock
from the Company, resulting in approximately $9.69 million of
additional proceeds to the Company after deducting underwriting
discounts and commissions but before expenses payable by the
Company.
The Company intends to use the
net proceeds from the partial over-allotment option for general
corporate purposes, which may include the repayment of outstanding
indebtedness, the funding of capital improvements to the Company’s
existing properties and the acquisition of additional properties.
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.
Wells Fargo Securities, LLC
and BMO Capital Markets Corp. acted as joint book-running managers
for the offering. B. Riley FBR, Inc., D.A. Davidson & Co., BNY
Mellon Capital Markets, LLC, Deutsche Bank Securities Inc. and
Sandler O’Neill & Partners, L.P. 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 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; or 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.
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
83 properties containing approximately 5.3 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 198 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 25
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: https://www.businesswire.com/news/home/20191007005763/en/
Urstadt Biddle Properties Inc. Willing L. Biddle, President and
CEO or John T. Hayes, Senior Vice President & CFO
203-863-8200
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