|By PR Newswire||
|March 24, 2014 04:53 PM EDT||
DENVER, March 24, 2014 /PRNewswire/ -- Farmland Partners Inc. (the "Company") today announced that it has commenced an initial public offering of 4,666,667 shares of its common stock pursuant to a registration statement on Form S-11 filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company expects to grant the underwriters a 30-day option to purchase up to an additional 700,000 shares of common stock to cover any over-allotments. The initial public offering price is currently expected to be between $14.00 and $16.00 per share of common stock. The Company intends to use the net proceeds from the offering to repay certain outstanding indebtedness and for general corporate purposes, including working capital, future farmland acquisitions and, potentially, paying distributions.
The Company's common stock has been approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol "FPI."
The offering is being made through an underwriting group led by Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp. and Janney Montgomery Scott LLC, who are serving as book-running managers. Mitsubishi UFJ Securities (USA), Inc. is serving as a lead manager of the offering and Stephens Inc. is serving as a co-manager of the offering.
Copies of the preliminary prospectus may be obtained from: Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, telephone: 800-792-2473 or email [email protected]; BMO Capital Markets Corp., Attention: BMO Prospectus Department, 27th Floor, 3 Times Square, New York, NY, 10023, telephone: 800-414-3627, email: [email protected]; and Janney Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60 State, 35th Floor, Boston, MA 02109, or by email at [email protected].
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
This press release includes "forward-looking statements," including with respect to the proposed initial public offering and the Company's proposed use of proceeds. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
SOURCE Farmland Partners Inc.
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