Americold Announces Pricing Terms for $400,000,000 Notes Offering

ATLANTA, GA., March 25, 2025 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE:COLD) (the "Company" or "Americold"), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, announced today that its operating partnership, Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), has priced an underwritten public offering of $400,000,000 of its 5.600% notes due May 15, 2032 (the "Notes"). The Notes, which were priced at 99.862% of their principal amount to yield 5.622% to maturity, will be fully and unconditionally guaranteed jointly and severally (the "Guarantees" and, together with the Notes, the "Securities"), by each of the Company, Americold Realty Operations, Inc., a Delaware corporation and wholly-owned subsidiary of the Company and a limited partner of the Operating Partnership (the "Limited Partner"), and certain subsidiaries of the Operating Partnership (the "Subsidiary Guarantors" and, together with the Company and the Limited Partner, the "Guarantors" and the Guarantors together with the Operating Partnership, the "Americold Entities"). The offering is expected to close on April 3, 2025, subject to customary closing conditions.

The Operating Partnership intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility, pay fees and expenses incurred in connection with the offering of the Notes and, to the extent there are any remaining proceeds therefrom, for general corporate purposes.

BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Truist Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and Rabo Securities USA, Inc. are acting as joint book-running managers for the offering. Citizens JMP Securities, LLC, Huntington Securities, Inc. and Regions Securities LLC are acting as senior co-managers for the offering, and HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Scotia Capital (USA) Inc. and Fifth Third Securities, Inc. are acting as co-managers for the offering.

The offering is being made pursuant to an effective shelf registration statement filed by the Americold Entities with the U.S. Securities and Exchange Commission (the "SEC"). The offering will be made only by means of the prospectus supplement and accompanying prospectus. The preliminary prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC's website at http://www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, from: (i) BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at [email protected], or by telephone at 1-800-294-1322, (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, or by telephone at 1-212-834-4533, (iii) RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Syndicate Operations, or by email at [email protected], or by telephone at 1-866-375-6829, or (iv) Truist Securities, Inc., 50 Hudson Yards, 70th Floor, New York, NY 10001, Attention: Debt Capital Markets, or by email at [email protected], or by telephone at 1-800-685-4786.

Before making an investment in the Securities, potential investors should read the prospectus supplement and accompanying prospectus and the other documents that the Operating Partnership or the Guarantors have filed and will file with the SEC for more complete information about the Operating Partnership and the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

About the Company

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 239 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our acquisitions; difficulties in expanding our operations into new markets; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new enterprise resource planning system; defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our joint venture investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded real estate investment trust ("REIT"); and our failure to maintain our status as a REIT.

Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the SEC, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: [email protected]

Source: Americold Realty Trust