Industrial Logistics Properties Trust’s $480 million initial public offering


Industrial Logistics Properties Trust (Nasdaq: ILPT) announced that it has priced an initial public offering of 20,000,000 common shares of beneficial interest at $24.00 per share.

The underwriters have a 30 day option to purchase up to an additional 3,000,000 shares to cover overallotments, if any. All the shares are being offered by ILPT.

ILPT intends to set aside approximately $2 million of the net proceeds from the offering for working capital and use the balance of such proceeds to reduce the amount outstanding under its credit facility.

UBS Investment Bank, Citigroup, RBC Capital Markets, BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities are the joint book running managers for the offering. B. Riley | FBR, BB&T Capital Markets, Janney Montgomery Scott, JMP Securities and Oppenheimer & Co. are the co-managers for the offering.

Howard Berkenblit and Ben Armour (picture), both partners at Sullivan & Worcester, led Industrial Logistics’ deal team, with an assist from associates include Shu Wei, Zach Altman and Jonathan Robertson.

Involved fees earner: Benjamin Armour – Sullivan & Worcester; Howard Berkenblit – Sullivan & Worcester; Shu Wei – Sullivan & Worcester; Zach Altman – Sullivan & Worcester; Jonathan Robertson – Sullivan & Worcester;

Law Firms: Sullivan & Worcester;

Clients: Industrial Logistics Properties Trust (ILPT);

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Author: Ambrogio Visconti