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Urstadt Biddle to redeem series D preferreds via new issue proceeds
By Susanna Moon
Chicago, Oct. 21 – Urstadt Biddle Properties Inc. said it plans to redeem all of the outstanding shares of its series D preferred stock using proceeds of a new issue of preferreds.
The company plans a public offering of 2.45 million shares of series G cumulative redeemable preferreds with a greenshoe for another 367,500 shares, according to a press release.
Remaining proceeds will be used for other general corporate purposes, which may include the repayment of outstanding debt, the funding of capital improvements to the company’s properties and the acquisition of additional properties.
Urstadt Biddle is a real estate investment trust based in Greenwich, Conn.
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