Urstadt Biddle Files to Sell a New Preferred Issue

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 preliminary prospectus can be read here.

The OTC Grey market ticker is not yet known.

As always readers catch these new issues instantly when announced on the Reader Initiated Alerts page.

16 thoughts on “Urstadt Biddle Files to Sell a New Preferred Issue”

    1. Thanks Eugene. I just looked on their website and they issued a press release just about an hour ago. Not sure if I will be picking up shares due to the lower coupon level. It’s a very tough interest rate environment.

      1. Temp symbol = UTBPP.

        I feel this is attractively priced at 5.875%. The H issue at 6.25% is trading in the low $27 range.

        1. Think it about right Fred for the interest rate environment we are in now.

      2. You are welcome kaptain lou. I will definitely pick up some shares for flipping. Unfortunately my broker does not allow to trade on OTC market.

    2. Thanks Eugene–I see their press release, but the SEC paperwork had not yet been posted.

  1. The UBP-G 6.25% issue is currently trading a little over $27 per share for a yield of about 5.73% at the close today. They will certainly get in under 6%, just not sure if they will be able to get down to 5.50%. I’m going to speculate on a coupon rate of about 5.625%.

    1. kaptain Lou, you mixed up the UBP-G and UBP-H issues.

      I had sold UBP-G for $25.36, and did a double take when I read your post. It is the UBP-H that is selling for $27.11 now, because it still has a ways to go before First Call.

      1. Inspbudget – sorry, I meant to say the H shares. Thanks for the correction.

  2. Thanks for the heads-up. I sold my entire position immediately for a very modest cap gain. I did enjoy a dividend from it, so at least I did not lose.

    I will be in the market for this new series – hoping it has a reasonable rate.

  3. Why are they using proceeds to redeem the 6.75% and not the 7.125%?

    1. U talking about UBP? According to quantum their only 7.125% issue, UBP-F was called 2 years ago.. Quantum wrong?

      1. They have a 6.25% and 6.75% series’s. The 6,75% G series has been trading like a “goner” for several months now.

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