Urstadt Biddle Properties Inc. Announces Closing of Series F Preferred Stock Offering
25 October 2012 - 3:54AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) (the
“Company”), a self-administered equity real estate investment
trust, today announced the closing of its sale of 4,500,000 shares
of its 7.125% Series F Cumulative Redeemable Preferred Stock (the
“Series F Preferred Shares”), liquidation preference of $25.00 per
share, at a public offering price of $25.00 per share in its
previously-announced underwritten public offering. The Company
received net proceeds from the offering, after deducting the
underwriting discount but before expenses payable by the Company,
of approximately $109 million.
The Company intends to use the net proceeds from the offering in
connection with the early redemption of all of its outstanding
Series E Preferred Stock and for general corporate purposes, which
may include the redemption or repurchase of some or all of its
existing Series C or D Preferred Stock, 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 Series F Preferred Stock has been approved for listing on
the NYSE under the symbol “UBPPRF,” and trading is expected to
begin on Thursday, October 25, 2012.
BMO Capital Markets Corp. acted as sole book-running manager for
the offering, along with Stifel, Nicolaus & Company,
Incorporated and Deutsche Bank Securities Inc. as joint lead
managers and Wunderlich Securities, Inc., J.J.B. Hilliard, W.L.
Lyons, LLC and BNY Mellon Capital Markets, LLC as co-managers.
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 54 properties containing approximately 4.9 million square feet
of space and has paid 172 consecutive quarters of uninterrupted
dividends to its shareholders since its inception.
The Series F Preferred Stock was issued pursuant to a prospectus
under a registration statement filed with the Securities and
Exchange Commission. Any offer of the securities was made only by
means of the prospectus forming part of the effective registration
statement. Copies of the final prospectus supplement and
accompanying base prospectus 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. You may also obtain a copy of the prospectus and
other documents the Company has filed with the Securities and
Exchange Commission for free by visiting the Commission’s website
at http://www.sec.gov.
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.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
“forward-looking statements,” including with regard to 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
net proceeds of the offering will be used as indicated. The
application of net proceeds is 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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