Shopping center REIT Urstadt Biddle (NYSE:UBP) has filed to sell a new fixed coupon preferred stock.
Details of the issue have not been released but it appears to be fairly typical of a REIT preferred, being cumulative, redeemable in about 5 years and non qualified.
The company intends to use the proceeds of this offering to redeem the 6.75% G Series preferred (UBP-G) which is currently outstanding. The outstanding preferreds can be seen here.
The OTC Grey market ticker is not yet known.
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