Urstadt Biddle Properties Inc. Announces Pricing of Series G Preferred Stock Offering
October 22 2014 - 8:32AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA) (the “Company”), a
self-administered equity real estate investment trust today
announced that it has priced a public offering of 2,800,000 shares
of its 6.75% Series G Cumulative Redeemable Preferred Stock,
liquidation preference of $25.00 per share, for estimated net
proceeds before expenses of approximately $67.8 million. The
offering is subject to customary closing conditions and is expected
to close on or about October 28, 2014.
In connection with the offering, the Company has granted the
underwriters an option for 30 days to purchase up to an additional
200,000 shares of Series G Preferred Stock to cover overallotments,
if any. The Company intends to apply to list the Series G Preferred
Stock on the NYSE under the symbol “UBPPRG”.
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 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 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.
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
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
Urstadt Biddle Properties (NYSE:UBA)
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