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Americold Realty Trust Prices 45.3 Mln Shares' IPO At $16/share

Americold Realty Trust, an owner of temperature-controlled warehouses backed by investor Ron Burkle, announced late Thursday the pricing of its initial public offering of 45.3 million common shares at a public offering price of $16.00 per share, the high end of the range of $14 to $16. The company raised $725 million in the IPO.

Americold is issuing and selling 29 million common shares and selling shareholders are selling an additional 16.3 million common shares. The common shares are expected to begin trading on the New York Stock Exchange on January 19 under the ticker symbol "COLD."

The offering is expected to close on January 23, subject to customary closing conditions. In addition, Americold and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 6.795 million common shares. This consists of 4.35 million shares from Americold and 2.445 million shares from the selling shareholders at the initial public offering price, less the underwriting discount.

For the offering, BofA Merrill Lynch, J.P. Morgan and RBC Capital Markets are acting as the joint book-running managers.

Georgia -based Americold is said to be the world's largest cold-storage REIT, backed by Yucaipa Companies. Americold owns and operates 160 temperature-controlled warehouses, with approximately 1 billion cubic feet of storage, in the United States, Canada, Australia, New Zealand and Argentina.

The company, which employs approximately 11,000 associates worldwide, serves over 2,600 customers.

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