Urstadt Biddle Properties Inc. Announces Offering of Series G Preferred Stock
October 21 2014 - 8:33AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA) (the “Company”), a
self-administered equity real estate investment trust today
announced the commencement of a public offering of 2,450,000 shares
of its Series G Cumulative Redeemable Preferred Stock. In
connection with the offering, the Company intends to grant the
underwriters an option for 30 days to purchase an additional
367,500 shares to cover overallotments, if any. BMO Capital Markets
is the sole book-running manager for the offering. Deutsche Bank
Securities and Stifel are acting as joint lead managers for the
offering. J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich Securities
and BNY Mellon Capital Markets, LLC are acting as co-managers for
the offering.
The Company intends to use a portion of the net proceeds from
this offering in connection with the redemption of all of the
outstanding shares of its existing Series D preferred stock. The
Company intends to use the remaining net proceeds 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.
The offering of these securities will be made only by means of a
prospectus, when available. Copies of the prospectus, when
available, may be obtained by emailing bmoprospectus@bmo.com
or calling 1-800-414-3627. Alternatively, copies can be obtained by
contacting BMO Capital Markets Corp., Attn: Equity Syndicate
Department, 27th Floor, 3 Times Square, New York, NY 10036.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of preferred stock, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust providing investors with a means of
participating in ownership of income-producing properties with the
liquidity of being listed on the New York Stock Exchange since
1970. Urstadt Biddle Properties Inc. owns or has equity interests
in 69 properties containing approximately 4.9 million square feet
of space and has paid 179 consecutive quarters of uninterrupted
dividends to its shareholders since its inception.
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. 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 of the offering will be used as indicated.
Completion of the securities offering on the terms described, and
the application of net proceeds, 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.
Urstadt Biddle Properties Inc.Willing L. Biddle, President and
Chief Executive OfficerJohn T. Hayes, CFO203-863-8200
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