Americold Announces Pricing Terms for $400,000,000 Notes Offering
ATLANTA, GA., March 25, 2025 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE:COLD) (the "Company" or "Americold"), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, announced today that its operating partnership, Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), has priced an underwritten public offering of $400,000,000 of its 5.600% notes due May 15, 2032 (the "Notes"). The Notes, which were priced at 99.862% of their principal amount to yield 5.622% to maturity, will be fully and unconditionally guaranteed jointly and severally (the "Guarantees" and, together with the Notes, the "Securities"), by each of the Company, Americold Realty Operations, Inc., a Delaware corporation and wholly-owned subsidiary of the Company and a limited partner of the Operating Partnership (the "Limited Partner"), and certain subsidiaries of the Operating Partnership (the "Subsidiary Guarantors" and, together with the Company and the Limited Partner, the "Guarantors" and the Guarantors together with the Operating Partnership, the "Americold Entities"). The offering is expected to close on April 3, 2025, subject to customary closing conditions.
The Operating Partnership intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility, pay fees and expenses incurred in connection with the offering of the Notes and, to the extent there are any remaining proceeds therefrom, for general corporate purposes.
BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Truist Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and Rabo Securities USA, Inc. are acting as joint book-running managers for the offering. Citizens JMP Securities, LLC, Huntington Securities, Inc. and Regions Securities LLC are acting as senior co-managers for the offering, and HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Scotia Capital (USA) Inc. and Fifth Third Securities, Inc. are acting as co-managers for the offering.
The offering is being made pursuant to an effective shelf registration statement filed by the Americold Entities with the U.S. Securities and Exchange Commission (the "SEC"). The offering will be made only by means of the prospectus supplement and accompanying prospectus. The preliminary prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC's website at http://www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus related to the offering may ...
