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Cases & Deals

April 16, 2019

King & Spalding advises Americold on $1.5 billion follow-on offering

King & Spalding advised Americold Realty Trust (NYSE: COLD) on its launch of an approximately $1.5 billion underwritten public offering of up to 50,312,500 common shares at a price of $29.75. The common shares will consist of 33,500,000 common shares issued by Americold, 8,250,000 common shares that may ultimately be issued by Americold pursuant to a forward purchase agreement and up to an additional 6,562,500 common shares that the underwriters may purchase pursuant to their option.

Americold expects to use the net proceeds from its direct sale of common shares in the offering to fund its acquisition of Cloverleaf Cold Storage or for general business purposes.

Americold is the world’s largest owner and operator of temperature-controlled warehouses. It operates a global network of high-quality warehouses in the United States, Australia, New Zealand, Argentina and Canada.