American Farmland Company (the “Company”), announced the pricing of its initial public offering of 6,000,000 shares of its common stock at a public offering price of $8.00 per share. The Company’s common stock is expected to begin trading on October 20, 2015 on the NYSE MKT LLC under the ticker symbol “AFCO.” The Company has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock at the initial public offering price, less underwriting discounts. The offering is expected to close on October 23, 2015, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering to repay $25.0 million of its outstanding indebtedness and for general corporate and working capital purposes, including the funding of capital expenditures for its existing farms.
Deutsche Bank Securities, Citigroup, Raymond James, RBC Capital Markets and FBR are serving as joint bookrunners for the offering. Janney Montgomery Scott, Oppenheimer & Co. and Wunderlich are acting as co-managers.
The offering of these securities is being made only by means of a prospectus. When available, a copy of the final prospectus related to the offering can be obtained from: Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005-2836, Attention: Prospectus Group, Telephone: (800) 503-4611, Email: email@example.com; Citigroup, 1155 Long Island Avenue, Edgewood, NY 11717, Attention Broadridge Financial Solutions, Telephone: (888) 603-5847, Email: firstname.lastname@example.org; Raymond James & Associates, 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Syndicate, Telephone: (800) 248-8863, Email: syndicate@RaymondJames.com; RBC Capital Markets, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Equity Syndicate, Telephone: (877) 822-4089, Email: email@example.com; FBR Capital Markets & Co., 1300 Seventeenth Street North, Arlington, Virginia 22209, Attention: Syndicate Prospectus Department, Telephone: (703) 312-9500, Email: firstname.lastname@example.org.
A registration statement on Form S-11 relating to these securities has been declared effective by the Securities and Exchange Commission (the “SEC”) on October 19, 2015. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities 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 such state or jurisdiction.
About American Farmland Company
American Farmland Company is an internally managed real estate investment trust and a Maryland corporation focused on owning and acquiring a diversified portfolio of high-quality farmland, consisting of mature permanent, specialty/vegetable row and commodity row crop farms, as well as farmland development projects, located in select major agricultural regions throughout the United States. The Company’s portfolio currently consists of 18 farms located on both coasts as well as in the Corn Belt and the Delta regions and consists of approximately 16,136 gross acres of farmland, with more than 21 major crop types (approximately 40 sub-varieties are included).
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements related to the closing of the initial public offering and the expected use of the net proceeds therefrom. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, without limitation: the satisfaction of customary closing conditions relating to the initial public offering; capital market risks; and the impact of general economic or industry conditions, and other risks and uncertainties detailed in the Company’s registration statement on Form S-11, as amended, filed with the SEC or other risks described in documents subsequently filed by the Company from time to time with the SEC. There can be no assurance that the initial public offering will be completed on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this news release. We intend these forward-looking statements to speak only as of the time of this release and do not undertake any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.
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