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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sunday, June 16, 9:06 AM

Slide #43. Landmark Infrastructure Partners LP Preferred Stock Offering

Company: Landmark Infrastructure Partners LP (NASDAQ:LMRK)
Date announced: 3/26/2018
Shares Offered: 2,000,000
Date of Pricing: 3/28/2018
Price Per Share: $25.00
Preferred Stock Offering Details: Landmark Infrastructure Partners LP (Nasdaq:LMRK) (the "Partnership") announced today that it has commenced an underwritten public offering of Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units representing limited partner interests in the Partnership ("Series C Preferred Units"). The Partnership intends to grant the underwriters a 30-day option to purchase additional Series C Preferred Units. -updated 3/28- Landmark Infrastructure Partners LP (Nasdaq:LMRK) (the "Partnership") announced today that it has priced its underwritten public offering of 2,000,000 of its Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (Liquidation Preference $25.00 per Unit) representing limited partner interests in the Partnership ("Series C Preferred Units") at a public offering price of $25.00 per Series C Preferred Unit. The underwriters have a 30-day option to purchase up to 300,000 additional Series C Preferred Units. Distributions on the Series C Preferred Units will accrue and be cumulative from, and including, the date of original issuance and to, but excluding, May 15, 2025, at an annual rate equal to the greater of (i) 7.00% per annum and (ii) the sum of (a) three-Month LIBOR, as calculated on each applicable date of determination and (b) 4.698% per annum, based on the liquidation preference of $25.00 per Series C Preferred Unit. On and after May 15, 2025, distributions on the Series C Preferred Units will accrue at 9.00% per annum, based on the liquidation preference of $25.00 per Series C Preferred Unit. Distributions on the Series C Preferred Units will be payable quarterly in arrears. The offering is expected to close on or about April 2, 2018, subject to customary closing conditions. The Partnership expects to receive net proceeds of approximately $47.5 million (or approximately $54.7 million if the underwriters exercise in full their option to purchase an additional 300,000 Series C Preferred Units). The Partnership intends to use the net proceeds from the offering to repay indebtedness.

Landmark Infrastructure Partners is engaged in the acquisition, development, ownership and management of a portfolio of real property interests and infrastructure assets that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. Co. has three segments: wireless communication, which its tenants consist primarily of wireless carriers, and tower companies; outdoor advertising, in which its tenants lease space from Co. underlying billboards, along freeways and intersections; and renewable power generation, in which its tenants lease space from Co. underlying wind turbines or solar arrays.

Preferred: LMRKP


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Name:  Landmark Infrastructure Partners LP
Website:  www.landmarkmlp.com
Sector:  Real Estate
Number of ETFs Holding LMRK:  1 (see which ones)
Total Market Value Held by ETFs:  $1,042,230
Total Market Capitalization:  $403,000,000
% of Market Cap. Held by ETFs:  0.26%
 

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