Urstadt Biddle plans to repay revolver debt via stock sale proceeds

By Wendy Van Sickle

Columbus, Ohio, July 20 – Urstadt Biddle Properties Inc. plans to repay all borrowings outstanding under its revolving credit facility with the proceeds from an offering of common stock, according to a press release.

Borrowings under the revolver include those incurred in connection with the company’s acquisition of Newfield Green Shopping Center in Stamford, Conn.

Urstadt Biddle is offering 2.75 million of its shares plus a greenshoe for 412,500 shares. Deutsche Bank Securities Inc. is acting as the book-running manager for the offering.

Additional proceeds will be used for general corporate purposes.

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

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