Lineage, Inc. (the “Company”) today announced the pricing of its
underwritten initial public offering of 56,882,051 shares of its
common stock at the initial public offering price of $78.00 per
share. In addition, the underwriters of the offering have been
granted a 30-day option to purchase from the Company up to
8,532,307 additional shares of its common stock at the initial
public offering price, less underwriting discounts and commissions.
The Company intends to use the net proceeds received from the
offering to repay borrowings outstanding under its delayed draw
term loan, repay borrowings outstanding under its revolving credit
facility, fund one-time cash grants to certain of its employees in
connection with this offering and estimated cash to pay tax
withholding obligations associated with stock grants and redeem its
Series A preferred stock. Following such uses, the Company expects
to use the remaining net proceeds for general corporate purposes,
which may include the repayment of additional borrowings
outstanding under its revolving credit facility.
The Company’s common stock is expected to begin trading on the
Nasdaq Global Select Market on July 25, 2024, under the ticker
symbol “LINE.” The offering is expected to close on July 26, 2024,
subject to customary closing conditions.
Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities,
J.P. Morgan and Wells Fargo Securities are acting as joint lead
book-running managers for the proposed offering. RBC Capital
Markets, LLC, Rabo Securities USA, Inc., Scotia Capital (USA) Inc.,
UBS Securities LLC, Capital One Securities, Inc., Truist
Securities, Inc., Evercore ISI, Robert W. Baird & Co.
Incorporated, KeyBanc Capital Markets Inc., Mizuho Securities USA
LLC, PNC Capital Markets LLC, Deutsche Bank Securities Inc., CBRE
Capital Advisors, Inc., HSBC Securities (USA) Inc., Piper Sandler
& Co. and Regions Securities LLC are acting as joint
book-running managers for the proposed offering. Blaylock Van, LLC,
Cabrera Capital Markets LLC, C.L. King & Associates, Inc.,
Drexel Hamilton, LLC, Guzman & Company, Loop Capital Markets
LLC, Roberts & Ryan Investments, Inc. and R. Seelaus & Co.,
LLC are acting as co-managers.
The offering is being made only by means of a prospectus. Copies
of the final prospectus related to this offering, when available,
may be obtained from Morgan Stanley, Prospectus Department, 180
Varick Street, New York, New York 10014, or email:
prospectus@morganstanley.com; Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, New
York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or
email: prospectus-ny@ny.email.gs.com; BofA Securities,
NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina
28255-0001, Attention: Prospectus Department, email:
dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 or by email at prospectus-eq_fi@jpmchase.com and
postsalemanualrequests@broadridge.com; and Wells Fargo Securities,
90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at
800-645-3751 (option #5) or email a request to
WFScustomerservice@wellsfargo.com.
About Lineage
Lineage, Inc. is the world’s largest global
temperature-controlled warehouse REIT with a network of over 480
strategically located facilities totaling over 84.1 million square
feet and 3.0 billion cubic feet of capacity across countries in
North America, Europe, and Asia-Pacific. Coupling end-to-end supply
chain solutions and technology, Lineage partners with some of the
world’s largest food and beverage producers, retailers, and
distributors to help increase distribution efficiency, advance
sustainability, minimize supply chain waste, and, most importantly,
feed the world.
Important Information
A registration statement relating to these securities has been
filed with, and declared effective by, the U.S. Securities and
Exchange Commission (the “SEC”) on July 24, 2024. Copies of the
registration statement can be accessed through the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or 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 jurisdiction.
Forward-Looking Statements
Certain statements contained in this press release, including
statements relating to Lineage’s expectations regarding the
completion and timing of its proposed public offering and listing,
may be considered 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. Lineage
intends for all such forward-looking statements to be covered by
the applicable safe harbor provisions for forward-looking
statements contained in those acts. Such forward-looking statements
can generally be identified by Lineage’s use of forward-looking
terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “continue,” “seek,”
“objective,” “goal,” “strategy,” “plan,” “focus,” “priority,”
“should,” “could,” “potential,” “possible,” “look forward,”
“optimistic,” or other similar words. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Such statements
are subject to certain risks and uncertainties, including known and
unknown risks, which could cause actual results to differ
materially from those projected or anticipated. Therefore, such
statements are not intended to be a guarantee of Lineage’s
performance in future periods. Except as required by law, Lineage
does not undertake any obligation to update or revise any
forward-looking statements contained in this release.
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Investor Relations Contact Evan Barbosa VP, Investor
Relations ir@onelineage.com
Media Contact Megan Hendricksen VP, Global Marketing
& Communications pr@onelineage.com