Landmark Infrastructure Partners LP priced an underwritten public offering of 2 million of its series C floating- to fixed-rate cumulative perpetual redeemable convertible preferred units at $25.00 apiece.

The communications-focused real estate operator and manager granted a 30-day option to the underwriters to purchase up to 300,000 additional units, which represent limited partner interests in the company.

The company expects to raise about $47.5 million from the offering, set to close April 2, or $54.7 million including the proceeds from the overallotment option, with the net proceeds earmarked for repaying debt.

Raymond James & Associates Inc. and UBS Securities LLC are acting as joint book-running managers for the offering, while B. Riley FBR Inc. and Janney Montgomery Scott LLC are serving as joint lead managers.