|By PR Newswire||
|April 10, 2014 06:45 PM EDT||
DENVER, April 10, 2014 /PRNewswire/ -- Farmland Partners Inc. (the "Company") today announced that it has priced its initial public offering of 3,800,000 shares of its common stock at a public offering price of $14.00 per share. The Company's common stock is expected to begin trading on April 11, 2014 on the NYSE MKT under the symbol "FPI."
The offering is expected to close on April 16, 2014. The Company has granted the underwriters a 30-day option to purchase up to an additional 570,000 shares to cover over-allotments, if any.
Estimated total net proceeds to the Company from the offering will be approximately $49.5 million ($56.9 million if the underwriters exercise their over-allotment option in full) after deducting underwriting discounts and commissions. All shares are being offered by the Company.
The Company will contribute the net proceeds from the offering to its operating partnership, which intends to use the net proceeds to repay certain outstanding indebtedness, to reimburse certain amounts advanced or incurred in connection with the offering and the Company's formation transactions and for general corporate purposes, including working capital, future farmland acquisitions and, potentially, paying distributions.
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.
A registration statement relating to the offering of the Company's common stock discussed above was declared effective by the Securities and Exchange Commission on April 10, 2014. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these shares, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state or jurisdiction.
Copies of the prospectus relating to the offering 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].
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. For example, the fact that the offering described above has priced may imply that the offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. In addition, the fact that the underwriters have an over-allotment option may imply that this option will be exercised. However, the underwriters are not under any obligation to exercise this option, or any portion of it, and they may not do so. Investors should not place undue reliance upon forward-looking statements.
SOURCE Farmland Partners Inc.
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