Latham & Watkins Represents Lineage, Inc. in US$4.4 Billion IPO

Lineage, Inc., the world’s largest global temperature-controlled warehouse REIT, has announced the pricing of its underwritten initial public offering of 56,882,051 shares of its common stock at the initial public offering price of US$78 per share. In addition, the underwriters of the offering have been granted a 30-day option to purchase from the company up to 8,532,307 additional shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The company intends to use the net proceeds received from the offering to repay borrowings outstanding under its delayed draw term loan, repay borrowings outstanding under its revolving credit facility, fund one-time cash grants to certain of its employees in connection with this offering and estimated cash to pay tax withholding obligations associated with stock grants and redeem its Series A preferred stock. Following such uses, the company expects to use the remaining net proceeds for general corporate purposes, which may include the repayment of additional borrowings outstanding under its revolving credit facility. The company’s common stock began trading on the Nasdaq Global Select Market on July 25, 2024, under the ticker symbol “LINE.” The offering is expected to close on July 26, 2024, subject to customary closing conditions.

Latham & Watkins LLP represents Lineage in the offering with a multidisciplinary corporate team led by partners Nadia Sager, Lewis Kneib, Julian Kleindorfer, and David Meckler, with key assistance from counsel and senior lawyers Amber Franklin, Angelee Bouchard, and Regina Schlatter, and associates Devon MacLaughlin, Lexi Santa Ana, Grace Garcea, Eric Finkelberg, Tristan Schmoor, Sarah Dunn, Natasha Kalaouze, Shreya Patel, Ryan Kazemaini, Celia Mishra, and Steve Hess. Advice was provided on tax matters by partner Pardis Zomorodi and counsel William Kessler; on benefits matters by partner David Taub, with associates Jordan Barnes and Morgan Wesner; and on regulatory matters by partners Bob Koenig and Gaily Neely and associate Shira Mendelsohn.