Urstadt Biddle Properties Inc. Announces Extension of Its $30 Million Secured Revolving Credit Facility
May 16 2011 - 5:23PM
Business Wire
Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA and UBP)
announced today it has entered into an amendment of its existing
$30 million Secured Revolving Credit Facility with The Bank of New
York Mellon (“the Facility”) to extend the maturity date of the
Facility to May 16, 2014. Originally scheduled to expire April 15,
2011, the Company previously had reached agreement with The Bank of
New York Mellon to continue the Facility to May 16, 2011 while
documentation for the three-year extension was completed. Under the
terms of the extension agreement the interest rate on borrowings
increased to Libor plus 2.0% from Libor plus 1.75% and the un-used
fee increased to 0.40% from 0.25%. Substantially all of the
remaining terms and conditions of the Facility remain unchanged.
Borrowings can be used for, among other things, acquisitions and
development of commercial real estate investments, working capital
and tenant improvements. The Facility is secured by mortgages on
the Company’s Danbury Square property in Danbury, Connecticut and
the Company’s Valley Ridge property in Wayne, New Jersey and
contains certain representations, financial and other covenants
typical for this type of facility.
Commenting on the transaction, Willing Biddle, UBP’s President
and Chief Operating Officer said, “We are pleased to announce the
three year extension of our $30 million secured revolving credit
facility. This Facility coupled with our $50 million unsecured
credit facility with The Bank of New York Mellon and Wells Fargo,
N.A. continues to give the Company adequate cash resources and
liquidity to achieve its acquisition objectives for the foreseeable
future. We are also proud to continue our over twenty year banking
relationship with The Bank of New York Mellon.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
51 properties containing approximately 4.7 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 166 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 17
consecutive years.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
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