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Gladstone Land prices common stock offering

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Gladstone Land prices common stock offering

Farmland real estate investment trust Gladstone Land Corp. priced an underwritten public offering of 1.1 million common shares at $12.15 apiece.

The offering carries a 30-day overallotment option for the underwriters to acquire up to 165,000 additional shares.

The company expects to close the offering on or about March 29 and expects to receive about $12.6 million in net proceeds, exclusive of the underwriters' overallotment option.

Gladstone plans to use the net proceeds to repay existing debt, which in turn will be used to finance future property purchases and for other general corporate purposes.

Janney Montgomery Scott LLC is the book-running manager, while B. Riley FBR Inc., Ladenburg Thalmann & Co. Inc., Maxim Group LLC, National Securities Corp. and Wedbush Securities Inc. are serving as co-managers for the offering.