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Urstadt Biddle Properties Inc. Enters Into A New $80 Million Unsecured Revolving Credit Agreement With A Syndication Of Four Banks

Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA and UBP) announced that it has entered into a new $80 Million Unsecured Revolving Credit Agreement with a syndication of four banks led by The Bank of New York Mellon. The syndication also includes Wells Fargo Bank N.A., Bank of Montreal and Regions Bank. The new agreement will replace the existing $50 million unsecured revolving credit agreement with BNY Mellon and Wells Fargo Bank N.A. The facility gives UBP the option, under certain conditions, to increase the borrowing capacity up to $125 million. The maturity date of the facility is September 21, 2016 with a one year extension at the Company’s option. Borrowings under the facility can be used for, among other things, acquisitions, working capital, capital expenditures, repayment of other indebtedness and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at UBP’s option of LIBOR plus 1.5% to 2.0% based on the Company’s consolidated level of indebtedness or The Bank of New York Mellon’s prime lending rate plus 0.50% to 1.0%. UBP will pay an annual fee on the unused commitment amount of up to 0.35% based on outstanding borrowings during the year.

The facility contains certain financial and other covenants typical for this type of facility. UBP’s ability to borrow under the facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company’s level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios.

In conjunction with the closing of its new $80 million unsecured revolving credit agreement, the Company terminated its $30 million secured credit agreement with BNY Mellon. The $30 million secured line of credit was secured by two of the Company’s properties, Danbury Square in Danbury, CT and Valley Ridge in Wayne, NJ. These two assets will now be available to mortgage if the Company so chooses.

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