Urstadt Biddle Properties Inc. Announces Pricing of Series K Preferred Stock Offering
September 26 2019 - 5:35PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA), a real estate
investment trust (the “Company”), today announced the pricing of
its underwritten public offering of 4,000,000 shares of its 5.875%
Series K Cumulative Redeemable Preferred Stock, liquidation
preference of $25.00 per share, for net proceeds of $96.85 million,
after deducting underwriting discounts and commissions but before
expenses payable by the Company. In connection with the offering,
the Company has granted the underwriters an option for 30 days to
purchase up to an additional 600,000 shares of Series K Preferred
Stock to cover overallotments, if any. The offering is subject to
customary closing conditions and settlement is expected to occur on
or about October 1, 2019. The Company intends to apply to list the
Series K Preferred Stock on the NYSE under the symbol “UBPPRK”.
The Company intends to use a portion of the net proceeds from
the offering to fund the redemption of all of the outstanding
shares of its existing Series G 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.
Wells Fargo Securities, LLC and BMO Capital Markets Corp. are
acting as joint book-running managers for the offering. B. Riley
FBR, Inc., D. A. Davidson & Co., BNY Mellon Capital Markets,
LLC, Deutsche Bank Securities Inc. and Sandler O’Neill &
Partners, L.P. 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
contacting Wells Fargo Securities, LLC, Attention: WFS Customer
Service, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota
55402 or by telephone at (800) 645-3751 or by email at
wfscustomerservice@wellsfargo.com; or BMO Capital Markets Corp.,
Attention: Syndicate Department, 3 Times Square, 25th Floor, New
York, New York 10036 or by telephone at (800) 414-3627 or by email
at bmoprospectus@bmo.com.
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.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
83 properties containing approximately 5.3 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 198 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 25
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 from the offering. 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 from the offering will be used
as indicated. Completion of the securities offering on the terms
described, and the application of the net proceeds from the
offering, 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: https://www.businesswire.com/news/home/20190926005906/en/
Urstadt Biddle Properties Inc. Willing L. Biddle, President and
CEO John T. Hayes, Senior Vice President & CFO 203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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