Lineage, Inc. (the “Company”) (Nasdaq: LINE) today announced the
closing of its underwritten initial public offering of 56,882,051
shares of its common stock at a public offering price of $78.00 per
share. The net proceeds from the offering were approximately $4.2
billion, after deducting underwriting discounts and commissions and
estimated expenses payable by the Company. 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 began trading on the Nasdaq Global
Select Market on July 25, 2024, under the ticker symbol "LINE".
Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities,
J.P. Morgan and Wells Fargo Securities acted as joint lead
book-running managers for the 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 acted as joint book-running managers for the
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 acted as co-managers.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
on July 24, 2024. The offering was made only by means of a
prospectus. Copies of the final prospectus related to this offering
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. (Nasdaq: LINE) 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.
Forward-Looking Statements
Certain statements contained in this press release 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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version on businesswire.com: https://www.businesswire.com/news/home/20240726329471/en/
Investor Relations Contact Evan Barbosa VP, Investor
Relations ir@onelineage.com
Media Contact Megan Hendricksen VP, Global Marketing
& Communications pr@onelineage.com
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