Landmark Infrastructure to sell up to $50 million more 8% cumulative preferred units

By James McCandless

San Antonio, May 3 – Landmark Infrastructure Partners LP plans to sell up to $50 million more of its 8% $25-par series A cumulative redeemable perpetual preferred units, according to a 424B5 filing with the Securities and Exchange Commission.

B. Riley FBR, Inc. is the sales agent.

Landmark originally issued $20 million of the preferreds on March 30, 2016.

The preferreds are redeemable on or after April 4, 2021. Prior to that, they are redeemable within 120 days after a change-of-control event.

Landmark plans to use the proceeds for general partnership purposes, which may include, among other things, the repayment of debt and to potentially fund future acquisitions.

The existing preferreds (Nasdaq: LMRKP) were down 41 cents at the Friday close to $25.51 on volume of about 5,000 shares.

Landmark is an El Segundo, Calif.-based owner and manager of real estate leased to companies in the wireless communication, outdoor advertising and renewable power generation industries.

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