Landmark Infrastructure Partners (LMRK) to Offer 3M Common Units
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Landmark Infrastructure Partners LP (Nasdaq: LMRK) commenced an underwritten public offering of 3,000,000 common units representing limited partner interests in the Partnership. The Partnership intends to grant the underwriters a 30-day option to purchase up to an additional 450,000 Common Units.
The Partnership intends to use the net proceeds from the offering, including any proceeds from any exercise of the underwriters’ option to purchase additional Common Units, 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.
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