Gladstone Land Corporation Announces Closing of Offering of 1,150,000 Shares of its 6.375% Series A Cumulative Term Preferred...
18 8월 2016 - 5:05AM
Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) today
announced that it closed its previously announced offering of
1,000,000 shares of its newly-issued 6.375% Series A Cumulative
Term Preferred Stock (the “Series A Term Preferred Stock”) at a
public offering price of $25.00 per share on August 17, 2016.
Simultaneously with the closing of the offering, the underwriters
exercised in full their option to purchase an additional 150,000
shares of Series A Term Preferred Stock on the same terms to cover
over-allotments, resulting in a total issuance of 1,150,000 shares
of Series A Term Preferred Stock for gross proceeds of
approximately $28.8 million and net proceeds of approximately $27.7
million, after payment of underwriting discounts and commissions
and estimated offering expenses.
The Series A Term Preferred Stock has been approved for listing
on the NASDAQ Global Market under the symbol “LANDP” and is
expected to begin trading on Friday, August 19, 2016. The
Series A Term Preferred Stock is mandatorily redeemable on
September 30, 2021, at $25.00 per share. Janney Montgomery
Scott served as the sole book-running manager for the offering, and
J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich and Oppenheimer &
Co. served as co-lead managers for the offering. Ladenburg
Thalmann, Maxim Group LLC and National Securities Corporation
served 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.
This offering was made pursuant to the Company’s effective shelf
registration statement filed with the Securities and Exchange
Commission (“SEC”) (File No. 333-194539). The final prospectus
supplement for the offering, dated August 10, 2016, and related
base prospectus supplement, dated April 2, 2014, are available on
the SEC website at www.sec.gov or by contacting 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 49 farms, comprised of 23,927 acres in 7 different
states across the U.S., valued at approximately $344 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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