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Farmland Partners to price series B participating preferred stock via Raymond James, Jefferies
By Stephanie N. Rotondo
Seattle, Aug. 7 – Farmland Partners Inc. is offering series B participating preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.
Raymond James & Associates Inc. and Jefferies LLC are the bookrunners.
The preferreds have an initial liquidation preference of $25.00 a share. That amount could be increased by an additional farmland value appreciation (FVA), subject to certain caps, until Sept. 30, 2024.
The dividends will be cumulative and payable on the last day of March, June, September and December. The issue becomes redeemable after Sept. 30, 2021.
Prior to Sept. 30, 2024, no dividends will accrued or be paid on any FVA amount.
If a redemption occurs prior to Sept. 30, 2024, the redemption price will include a premium amount.
The company also has the option to convert the preferreds to common stock after Sept. 30, 2021. Holders also have a right to force a conversion upon a change of control.
In both cases, the conversion ration will be based on the sum of par plus FVA, accrued dividends and a premium amount – if the conversion takes place before Sept. 30, 2024 – divided by the 10-day volume weighted average price of the company’s shares.
The new securities will be listed on the New York Stock Exchange under the ticker symbol “FPIPrB.”
The Denver-based real estate investment trust plans to contribute proceeds to its operating partnership in exchange for series P participating preferred units. The partnership will use the funds for future acquisitions of farmland and for general corporate purposes.
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