Gladstone Land Corporation Prices Public Offering of 6.375% Series A Cumulative Term Preferred Stock
11 8월 2016 - 5:41AM
Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today
announced that it has entered into an agreement to sell 1,000,000
shares of its newly-designated 6.375% Series A Cumulative Term
Preferred Stock (the "Series A Term Preferred Stock") at an
offering price of $25.00 per share, raising $25 million in gross
proceeds and approximately $24.1 million in net proceeds after
payment of underwriting discounts and commissions and estimated
expenses of the offering payable by the Company. The Company
has also granted the underwriters a 30-day option to purchase up to
150,000 additional shares of Series A Term Preferred Stock on the
same terms and conditions to cover over allotments, if any.
The closing of the transaction is subject to customary closing
conditions and the shares are expected to be delivered on or about
August 17, 2016. Janney Montgomery Scott is serving as the sole
book-running manager for the offering, and J.J.B. Hilliard, W.L.
Lyons, LLC, Wunderlich and Oppenheimer & Co. are serving as
co-lead managers for the offering. Ladenburg Thalmann, Maxim Group
LLC and National Securities Corporation are serving as co-managers
for the offering.
The Company intends to use the net proceeds from this offering
to repay existing indebtedness and for other general corporate
purposes.
The offering is being conducted as a public offering under the
Company's effective shelf registration statement filed with the
Securities and Exchange Commission (File No. 333-194539). To obtain
a copy of the preliminary prospectus supplement and the final
prospectus supplement (when available) and the related base
prospectus for this offering, please contact: Janney Montgomery
Scott LLC, 1717 Arch Street, Philadelphia, PA 19103, Attention:
Taxable Fixed Income Department or prospectus@janney.com.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About Gladstone Land Corporation: Gladstone
Land Corporation is a publicly-traded agricultural real estate
investment trust that owns farmland and farm-related properties
located in major agricultural markets in the United States that it
leases to corporate and independent farmers. The Company
currently owns 48 farms, comprised of 23,857 acres in 7 different
states across the U.S., valued at approximately $342 million.
Information on the business activities of the Company can be found
at www.gladstoneland.com.
Forward-Looking Statements
All statements contained in this press release, other than
historical facts, may constitute “forward-looking statements”
within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Words such as “anticipates,” “expects,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and variations
of these words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company’s intended use of proceeds, business, financial
condition, liquidity, results of operations, funds from operations
or prospects to differ materially from those expressed in or
implied by such statements. Such risks and uncertainties are
disclosed under the caption “Risk Factors” of the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31,
2015, as filed with the SEC on February 23, 2016 and our other
filings with the Securities and Exchange Commission, including the
prospectus. The Company cautions readers not to place undue
reliance on any such forward-looking statements which speak only as
of the date made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information: Investor Relations, +1-703-287-5893
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