Urstadt Biddle Properties Inc. Announces Offering of 2,750,000 Shares of Class A Common Stock
July 20 2016 - 4:08PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA), a
self-administered equity real estate investment trust, announced
today that it is offering 2,750,000 shares of its Class A common
stock in a public offering. In connection with the offering, the
Company intends to grant the underwriter an option for 30 days to
purchase an additional 412,500 shares of its Class A common
stock.
Deutsche Bank Securities Inc. is acting as sole book-running
manager for the offering.
The Company intends to use the net proceeds to repay in full the
outstanding borrowings under the Company's existing credit
facility, including borrowings incurred in connection with the
completion of the acquisition of the Newfield Green Shopping Center
in Stamford, CT, with any remaining proceeds to be used for general
corporate purposes. 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.
All shares of Class A common stock will be offered under the
Company’s existing shelf registration statement filed with the
Securities and Exchange Commission. 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. A copy of
the prospectus relating to these securities may be obtained, when
available, by contacting Deutsche Bank Securities Inc., Attn:
Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by
calling 1-800-503-4611 or by emailing prospectus.cpdg@db.com.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
74 properties containing approximately 5.0 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 186 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 22
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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160720006395/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, President and
CEOorJohn T. Hayes, Senior Vice President & CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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