Farmland Partners Prices Downsized IPO At Low End Of Range

(RTTNews) - Farmland Partners Inc. said Thursday that it has priced its initial public offering of 3.8 million shares of its common stock at a public offering price of $14.00 per share, which is the low end of the previously estimated price range of $14.00 to $16.00 per share. The offering size was also reduced from the originally planned about 4.7 million shares.

All shares are being offered by the company.

The company has also granted the underwriters a 30-day option to purchase up to an additional 570,000 shares to cover over-allotments, if any.

The company's common stock is expected to begin trading on Friday, April 11 on the NYSE MKT under the symbol "FPI."

The offering is expected to close on April 16.

Estimated total net proceeds to the company from the offering will be about $49.5 million, or $56.9 million if the underwriters exercise their over-allotment option in full, after deducting underwriting discounts and commissions.

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.