Follow-on Offering

Real Estate
Follow-on Offering

Summary

Baird served as a co-manager on this offering

About

Americold Realty Trust (“Americold” or the “Company”) (NYSE: COLD) recently completed a follow-on offering of 50,312,500 shares of common stock (including full exercise of the overallotment option) at a price of $29.75 per share, generating gross proceeds of approximately $1.50 billion. The Company issued and sold 42,062,500 shares directly to the underwriters at closing, with the underwriters purchasing an additional 8,250,000 common shares via a forward sale agreement. The Company expects to use the net proceeds from its direct sale of common shares in the offering, together with draws under the Company’s senior unsecured revolving credit facility, which the Company expects to repay using the proceeds from its debt private placement, if completed, to fund the previously announced acquisition of Chiller Holdco, LLC (“the Cloverleaf Acquisition”). In the event the Cloverleaf Acquisition is not completed, the Company intends to use the net proceeds for general business purposes, including repayment of outstanding indebtedness and the funding of other development, expansion and acquisition opportunities.

Americold is the world’s largest publically traded REIT focused on the ownership, operation and development of temperature-controlled warehouses. The Company is organized as a self-administered and self-managed REIT and has a track record of operating, development and acquisition expertise. As of December 31, 2018, the Company operated a global network of 155 high-quality warehouses encompassing 918.7 million cubic feet. Americold is headquartered in Atlanta, Georgia.
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Real Estate
Follow-on Offering
Date
April 2019
Company
Americold Realty Trust
Transaction
M&A
Sectors
Real Estate
Target Location
North America

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