Bookrunners Baird, Stifel, Nomura and Wunderlich will assist with sale
By Devika Patel
Knoxville, Tenn., July 16 – Farmland Partners Inc. said it priced its $33 million public sale of stock with a $4.95 million greenshoe on Wednesday. The offering was announced Tuesday.
The company will sell 3 million common shares at $11.00 per share. The price per share reflects an 11.08% discount to the July 14 closing share price of $12.37.
Robert W. Baird & Co. Inc., Stifel, Nicolaus & Co., Inc., Nomura Securities International, Inc. and Wunderlich Securities, Inc. are the bookrunners.
Settlement is expected July 21.
Proceeds will be used to fund future acquisitions of farmland under its investment strategy and for general corporate purposes, including the potential partial repayment of outstanding mortgage debt.
Farmland is an internally managed real estate company based in Denver.
| Issuer: | Farmland Partners Inc.
|
| Issue: | Common stock
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| Amount: | $33 million
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| Greenshoe: | $4.95 million, or 450,000 shares
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| Shares: | 3 million
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| Price: | $11.00
|
| Warrants: | No
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| Bookrunners: | Robert W. Baird & Co. Inc., Stifel, Nicolaus & Co., Inc., Nomura Securities International, Inc. and Wunderlich Securities, Inc.
|
| Co-managers: | FBR, Janney Montgomery Scott and Feltl and Co.
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| Announcement date: | July 14
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| Pricing date: | July 15
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| Settlement date: | July 21
|
| Stock symbol: | NYSE: FPI
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| Stock price: | $12.37 at close July 14
|
| Market capitalization: | $85.69 million
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