MCLEAN, Va., Aug. 17, 2016 (GLOBE NEWSWIRE) -- 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 firstname.lastname@example.org.
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.
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
Source:Gladstone Land Corp.