NOVI, Mich. – 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.