EL SEGUNDO, Calif., Aug. 08, 2016 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (Nasdaq:LMRK) (the “Partnership”) announced today the closing of the previously announced public offering of its 7.90% Series B Cumulative Redeemable Perpetual Preferred Units (Liquidation Preference $25.00 per Unit) representing limited partner interests in the Partnership (“Series B Preferred Units”) at a public offering price of $25.00 per Series B Preferred Unit, which included the full exercise of the underwriters’ option to purchase an additional 240,000 Series B Preferred Units. The exercise of the underwriters’ over-allotment option brought the total number of Series B Preferred Units sold to 1,840,000, and increased net proceeds by approximately $5.8 million, for total net proceeds of approximately $44.3 million, after deducting underwriting discounts and estimated offering expenses. The Partnership intends to use the net proceeds from the offering to repay indebtedness.
UBS Securities LLC, RBC Capital Markets, LLC and FBR Capital Markets & Co. acted as joint book-running managers for the offering. Janney Montgomery Scott LLC and Wunderlich Securities, Inc. acted as co-managers for the offering. UBS Securities LLC, RBC Capital Markets, LLC and FBR Capital Markets & Co. also acted as representatives of the underwriters named above. A written prospectus and prospectus supplement that meets the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from:
| UBS Securities LLC 1285 Avenue of the Americas New York, New York 10019 Attention: Prospectus Specialist Toll-Free Number: (888) 827-7275 | RBC Capital Markets, LLC Three World Financial Center 200 Vesey Street, 8th Floor New York, NY 10281 Toll-Free Number: (866) 375-6829 Fax: (212) 658-6137 Email: rbcnyfixedincomeprospectus@rbccm.com | |||||
| FBR Capital Markets & Co. Attn: Prospectus Department 1300 North 17th Street, Suite 1400 Arlington, Virginia 22209 Telephone: (703) 312-9726 Email: prospectuses@fbr.com | ||||||
An electronic copy of the prospectus supplement and accompanying base prospectus is available on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
The offering was made only by means of a prospectus and prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The offering was made pursuant to an effective shelf registration statement, as amended, which was previously filed by the Partnership with the SEC and a prospectus supplement and accompanying prospectus, which was previously filed by the Partnership with the SEC.
About Landmark Infrastructure Partners LP
The Partnership is a growth-oriented master limited partnership formed to acquire, own and manage a portfolio of real property interests that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries. Headquartered in El Segundo, California, the Partnership owns and manages a diversified portfolio of real property interests, which includes long-term and perpetual easements, tenant lease assignments and, to a lesser extent, fee simple properties, located in 49 states, the District of Columbia and Australia. As of June 30, 2016, the Partnership’s portfolio consisted of 1,450 tenant sites.
Cautionary Note Regarding Forward-Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant and securities of the Partnership may not ultimately be offered to the public because of general market conditions or other factors. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Partnership’s Form 10-K for year ended December 31, 2015 included in the registration statement, in the form last filed with the SEC. Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.