Urstadt Biddle Properties Inc. Announces Pricing of Class A Common Stock Offering
July 21 2016 - 8:34AM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA) today
announced the pricing of its underwritten offering of 2,750,000
shares of its Class A common stock at a price to the public of
$23.70 per share. The Company has granted the underwriter an option
for 30 days to purchase up to an additional 412,500 shares of its
Class A common stock. The offering was made pursuant to the
Company’s shelf registration statement and settlement is expected
to occur on or about July 26, 2016. 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.
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 registration
or qualification under the securities laws of any such state or
other jurisdiction. The offering may be made only by means of a
prospectus and related prospectus supplement.
A final prospectus supplement and accompanying base prospectus
related to the offering will be filed with the Securities and
Exchange Commission (the “SEC”). Copies of the final prospectus
supplement and accompanying base prospectus, when available, may be
obtained 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 stockholders since its inception
and has raised total dividends to its stockholders 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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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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