Urstadt Biddle greenshoe lifts 6.25% preferreds to $115 million

By Marisa Wong

Morgantown, W.Va., Sept. 26 – The underwriters of Urstadt Biddle Properties Inc.’s recent offering of 6.25% series H cumulative redeemable preferred stock exercised their $15 million over-allotment option in full, according to a Tuesday news release.

This brings the total issue size to $115 million. Urstadt Biddle priced the initial $100 million of the preferreds on Sept. 13.

BMO Capital Markets Corp. and Wells Fargo Securities LLC are the joint bookrunners.

Price talk on the non-rated deal was 6.25% to 6.375%, as previously reported.

Dividends will be payable on a quarterly basis, according to a prospectus filed with the Securities and Exchange Commission. The issue becomes redeemable in September 2022, or upon a change of control, at par plus accrued dividends.

The new securities are listed on the New York Stock Exchange under the ticker symbol “UBPPrH.”

Proceeds will be used to redeem the company’s 7.125% series F cumulative redeemable preferred stock (NYSE: UBPPrF). Any remaining funds will be used for general corporate purposes, which may include the repayment of debt, funding capital improvements and the acquisition of additional properties.

Urstadt Biddle is a Greenwich, Conn.-based real estate investment trust.

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