Company plans to use proceeds for general corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 14 - Limoneira Co. said it priced a $33.3 million public sale of stock with a $5 million greenshoe.
The company will sell 1.8 million common shares at $18.50 per share. The price per share is a 1.86% discount to $18.85, the Feb. 13 closing share price.
Janney Montgomery Scott LLC is the lead bookrunner.
Settlement is expected Feb. 20.
Proceeds will be used for general corporate purposes, which may include debt repayment, real estate development and agricultural acquisitions.
Limoneira is a Santa Paula, Calif.-based agribusiness with prime agricultural land and operations, real estate and water rights in California.
| Issuer: | Limoneira Co.
|
| Issue: | Common stock
|
| Amount: | $33.3 million
|
| Greenshoe: | $4,995,000
|
| Shares: | 1.8 million
|
| Price: | $18.50
|
| Warrants: | No
|
| Bookrunner: | Janney Montgomery Scott LLC
|
| Co-lead manager: | Roth Capital Partners, LLC
|
| Co-manager: | Feltl and Co. Inc.
|
| Pricing date: | Feb. 14
|
| Settlement date: | Feb. 20
|
| Stock symbol: | Nasdaq: LMNR
|
| Stock price: | $18.85 at close Feb. 13
|
| Market capitalization: | $208.97 million
|
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