Robert Baird, BMO, Janney Montgomery Scott act as bookrunners
By Angela McDaniels
Tacoma, Wash., April 10 - Farmland Partners Inc. sold $53.2 million of common stock in its initial public offering. The 3.8 million shares sold for $14.00 each.
There is a $7.98 million greenshoe, according to a company news release.
The company expects its stock to begin trading on the NYSE MKT on April 11 under the symbol "FPI."
Robert W. Baird & Co. Inc., BMO Capital Markets Corp. and Janney Montgomery Scott LLC are the bookrunners. Mitsubishi UFJ Securities (USA), Inc. is a lead manager, and Stephens Inc. is a co-manager.
The company will contribute the proceeds to its operating partnership, which plans to use the proceeds to repay some outstanding debt, to reimburse some amounts advanced or incurred in connection with the offering and the company's formation transactions and for general corporate purposes, including working capital, future farmland acquisitions and, potentially, paying distributions.
The company is a real estate investment trust based in Denver that owns and acquires row crop farmland.
| Issuer: | Farmland Partners Inc.
|
| Issue: | Common stock
|
| Amount: | $53.2 million, or 3.8 million shares
|
| Greenshoe: | $7.98 million, or 570,000 shares
|
| Price: | $14.00
|
| Warrants: | No
|
| Bookrunners: | Robert W. Baird & Co. Inc., BMO Capital Markets Corp. and Janney Montgomery Scott LLC
|
| Lead manager: | Mitsubishi UFJ Securities (USA), Inc.
|
| Co-manager: | Stephens Inc.
|
| Pricing date: | April 10
|
| Settlement date: | April 16
|
| Expected listing: | NYSE MKT: FPI
|
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