Bookrunners Baird, Stifel, Nomura and Wunderlich assisted with sale
By Devika Patel
Knoxville, Tenn., Aug. 18 – Farmland Partners Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $4.95 million greenshoe in part, lifting total proceeds of the offering to $36.96 million. The deal was announced July 14 and priced for $33 million with the greenshoe on July 15.
The company sold 3.36 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. Of the shares, 360,000 were part of the partially exercised greenshoe.
Robert W. Baird & Co. Inc., Stifel, Nicolaus & Co., Inc., Nomura Securities International, Inc. and Wunderlich Securities, Inc. were the bookrunners.
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
|
| Amount: | $36.96 million
|
| Greenshoe: | $4.95 million, or 360,000 shares
|
| Shares: | 3.36 million
|
| Price: | $11.00
|
| Warrants: | No
|
| 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.
|
| Announcement date: | July 14
|
| Pricing date: | July 15
|
| Settlement date: | Aug. 18
|
| Stock symbol: | NYSE: FPI
|
| Stock price: | $12.37 at close July 14
|
| Market capitalization: | $125.15 million
|
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