Urstadt Biddle Properties Prices its 2.5M Share Offering at $19.60
Urstadt Biddle Properties (NYSE: UBA) today announced the pricing of its underwritten offering of 2,500,000 shares of its Class A common stock at a price to the public of $19.60 per share. The Company has granted the underwriter an option for 30 days to purchase up to an additional 375,000 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 October 5, 2012. Deutsche Bank Securities Inc. acted as sole book-running manager for the offering.
The Company intends to use the net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness, the funding of capital improvements to its 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 the Company's status 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.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.