Urstadt Biddle Properties Inc. Announces Closing of 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. (NYSE:UBA), a real estate investment trust (the “Company”), today announced the closing of its previously announced 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, resulting in net proceeds of $96.85 million, after deducting underwriting discounts and commissions but before expenses payable by the Company. The Company expects trading of the Series K Preferred Stock on the NYSE to begin on October 3, 2019 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
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