Urstadt Biddle Properties Inc. Announces Pricing of Series H Preferred Stock Offering
September 13 2017 - 5:24PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA), a self-administered
equity real estate investment trust (the “Company”), today
announced the pricing of its underwritten public offering of
4,000,000 shares of its 6.250% Series H Cumulative Redeemable
Preferred Stock, liquidation preference of $25.00 per share, for
estimated net proceeds before expenses of approximately $96.850
million. In connection with the offering, the Company has granted
the underwriters an option for 30 days to purchase up to an
additional 600,000 shares of Series H Preferred Stock to cover
overallotments, if any. The offering is subject to customary
closing conditions and settlement is expected to occur on or about
September 18, 2017. The Company intends to apply to list the Series
H Preferred Stock on the NYSE under the symbol “UBPPRH”.
The Company intends to use the net proceeds from the offering to
fund the redemption of all of the outstanding shares of its
existing Series F preferred stock. The Company intends to use the
remaining net proceeds, if any, for other 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.
BMO Capital Markets Corp. and Wells Fargo Securities, LLC are
acting 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. are acting as
co-managers for the offering.
A final prospectus supplement and accompanying base prospectus
related to the offering will be filed with the Securities and
Exchange Commission. Copies of the final prospectus supplement and
accompanying base prospectus, when available, 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
Company’s securities offering and 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 securities
offering discussed above will be completed on the terms described,
or at all, or that the net proceeds from the offering will be used
as indicated. Completion of the securities offering on the terms
described, and the application of the net proceeds from the
offering, 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/20170913006535/en/
Urstadt Biddle Properties Inc.Willing L. BiddlePresident and
CEOorJohn T. HayesSenior Vice President & CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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