Urstadt Biddle Properties Inc. Announces Closing of Over-Allotment Option for Series K Preferred Stock Offering
Urstadt Biddle Properties Inc. (UBP)
US:NYSE Investor Relations:
ubproperties.com
Company Research
Source: Business Wire
GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA), a self-administered equity real estate investment trust, today announced that the underwriters of the previously announced public offering of 4,000,000 shares of its 5.875% Series K Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, have partially exercised their over-allotment option to purchase an additional 400,000 shares of Series K Preferred Stock from the Company, resulting in approximately $9.69 million of additional proceeds to the Company after deducting underwriting discounts and commissions but before expenses payable by the Company.The Company intends to use the net proceeds from the partial over-allotment option 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 n
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