EL SEGUNDO, Calif., Oct. 14, 2016 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (Nasdaq: LMRK ) (the “Partnership”) announced today that it has priced its underwritten public offering of 3,000,000 common units representing limited partner interests in the Partnership (“Common Units”) at a public offering price of $16.30 per Common Unit. The underwriters have a 30-day option to purchase up to 450,000 additional Common Units. The offering is expected to close on or about October 19, 2016, subject to customary closing conditions.
The Partnership expects to receive net proceeds of approximately $46.3 million (or approximately $53.3 million if the underwriters exercise in full their option to purchase an additional 450,000 Common Units) and intends to use the net proceeds from the offering to fund a portion of the purchase price for the previously announced acquisition by the Partnership of 100% of the equity interests in certain entities that own approximately 4,000 acres of land in California from Recurrent Energy Landco LLC, a subsidiary of Canadian Solar Inc. (the “Recurrent Transaction”). Until the Partnership applies the net proceeds for the purposes described above, it may repay indebtedness under its revolving credit facility or invest the proceeds in short-term liquid investments. If the Recurrent Transaction is not consummated, then the Partnership intends to use the net proceeds to repay borrowings outstanding under its revolving credit facility.
This offering is not conditioned upon the completion of the Recurrent Transaction, and the completion of this offering is not a condition to the completion of the Recurrent Transaction.
Raymond James & Associates, Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC and Robert W. Baird & Co. Incorporated are serving as joint book-running managers for the offering. Wunderlich Securities, Inc. and Janney Montgomery Scott LLC are serving as co-managers for the offering. Raymond James & Associates, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are also acting as representatives of the underwriters named above. When available, copies of the preliminary prospectus supplement, prospectus supplement and accompanying base prospectus related to the offering may be obtained free of charge on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov or from the underwriters of the offering as follows:
Raymond James & Associates, Inc. Attn: Equity Syndicate 880 Carlton Parkway St. Petersburg, Florida 33716 Telephone: (800) 248-8863 Email: prospectus@raymondjames.com
RBC Capital Markets, LLC Attn: Equity Syndicate 200 Vesey St., 8th Floor New York, New York 10281 Telephone: (877) 822-4089 Email: equityprospectus@rbccm.com
Wells Fargo Securities, LLC Attn: Equity Syndicate Department 375 Park Avenue New York, New York 10152 Telephone: (800) 326-5897 Email: cmclientsupport@wellsfargo.com
Robert W. Baird & Co. Incorporated Attention: Syndicate Department 777 E. Wisconsin Avenue Milwaukee, Wisconsin 53202 Telephone: (800) 792-2473 Email: syndicate@rwbaird.com
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction .
The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The offering is being made pursuant to an effective shelf registration statement, which was previously filed by the Partnership with the SEC.
About Landmark Infrastructure Partners LP The Partnership is a growth-oriented master limited partnership formed to acquire, own and manage a portfolio of real property interests that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries. Headquartered in El Segundo, California, the Partnership owns and manages a diversified portfolio of real property interests, which includes long-term and perpetual easements, tenant lease assignments and, to a lesser extent, fee simple properties, primarily located in the United States. As of September 30, 2016, the Partnership’s portfolio consisted of 1,968 tenant sites.
Cautionary Note Regarding Forward Looking Statements Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant and securities of the Partnership may not ultimately be offered to the public because of general market conditions or other factors. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Partnership’s Form 10-K for year ended December 31, 2015 included in the registration statement, in the form last filed with the SEC. Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.
CONTACT: Marcelo Choi Vice President, Investor Relations (310) 598-3173 ir@landmarkmlp.com
