Lineage, Inc S-3ASR, filed Dec 18, 2025

Lineage, Inc. (LINE)

S-3ASR 2025-12-18

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	Lineage, Inc.
	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☐
				Emerging growth company ☐

	Lineage OP, LP
	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☐
				Emerging growth company ☐

	ABOUT THIS PROSPECTUS					1
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					2
	THE COMPANY					4
	RISK FACTORS					5
	GUARANTOR DISCLOSURES					6
	USE OF PROCEEDS					7
	DESCRIPTION OF CAPITAL STOCK					8
	DESCRIPTION OF DEBT SECURITIES AND GUARANTEES					14
	DESCRIPTION OF OTHER SECURITIES					23
	GLOBAL SECURITIES					24
	SELLING SECURITYHOLDERS					28
	CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS					29
	FEDERAL INCOME TAX CONSIDERATIONS					35
	CERTAIN MATERIAL DUTCH TAX CONSIDERATIONS					60
	CERTAIN MATERIAL AUSTRALIAN, CANADIAN AND DUTCH TAX CONSIDERATIONS OF THE GUARANTEES IN RESPECT OF DEBT SECURITIES					65
	DESCRIPTION OF THE PARTNERSHIP AGREEMENT OF LINEAGE OP, LP					69
	DESCRIPTION OF THE OPERATING AGREEMENT OF LINEAGE LOGISTICS HOLDINGS, LLC					78
	PLAN OF DISTRIBUTION					83
	LEGAL MATTERS					84
	EXPERTS					84
	CERTAIN INSOLVENCY AND ENFORCEABILITY CONSIDERATIONS					85

SEC registration fee	$	(1)
FINRA filing fee	$	(2)
Printing expenses	$	(2)
Legal fees and expenses	$	(2)
Accounting fees and expenses	$	(2)
Blue Sky, qualification fees and expenses	$	(2)
Transfer agent fees and expenses	$	(2)
Trustee fees and expenses	$	(2)
Depositary fees and expenses	$	(2)
Warrant agent fees and expenses	$	(2)
Miscellaneous	$	(2)
Total	$	(2)

Exhibit Number			Description
1.1*			Form of Underwriting Agreement.
3.1			Articles of Amendment and Restatement of Lineage Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (File No. 333-280997), filed on July 25, 2024).
3.2			Amended and Restated Bylaws of Lineage, Inc. (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-8 (File No. 333-280997), filed on July 25, 2024).
3.3			Agreement of Limited Partnership of Lineage OP, LP (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).
3.4			Unit Designation — Legacy units of Lineage OP, LP (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).
3.5			Tenth Amended and Restated Operating Agreement of Lineage Logistics Holdings, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 10-Q (File 001-42191), filed on November 5, 2025.
3.6			Articles of Association of Lineage Europe Finco B.V.
4.1			Form of Common Stock Certificate of Lineage, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-11 (File No. 333-280470), confidentially submitted on June 26 2024).
4.2*			Form of Specimen Certificate Representing Preferred Stock.
4.3			Form of Indenture, between Lineage, Inc., as issuer, and U.S. Bank Trust Company, National Association, as trustee.
4.4			Indenture, dated as of June 17, 2025, among Lineage OP, LP, Lineage, Inc. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-42191), filed on June 17, 2025).
4.5			First Supplemental Indenture, dated as of June 17, 2025, among Lineage OP, LP, Lineage, Inc. the other guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, including a form of 5.250% Senior Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 001-42191, filed on June 17, 2025).
4.6			Second Supplemental Indenture, dated as of November 26, 2025, among Lineage OP, LP, Lineage, Inc. the other guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee.
4.7			Indenture, dated as of November 26, 2025, among Lineage Europe Finco B.V., Lineage, Inc., Lineage OP, LP and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-42191), filed on December 2, 2025).

SIGNATURE	TITLE	DATE
/s/ Greg Lehmkuhl Greg Lehmkuhl	President, Chief Executive Officer and Director (Principal Executive Officer)	December 18, 2025
/s/ Robb LeMasters Robb LeMasters	Chief Financial Officer (Principal Financial Officer)	December 18, 2025
/s/ Abigail Fleming Abigail Fleming	Chief Accounting Officer (Principal Accounting Officer)	December 18, 2025
/s/ Adam Forste Adam Forste	Co-Executive Chairman	December 18, 2025

	Company	the legal entity to which these articles of association relate.
	DCC	the Dutch Civil Code (Burgerlijk Wetboek).
	General Meeting	the body formed by Persons with Meeting Rights, or a meeting of Persons with Meeting Rights.
	Management Board	the management board of the Company.
	Meeting Rights	the right to attend and address a General Meeting, whether in person or represented by the holder of a written proxy.
	Person with Meeting Rights	a Shareholder, a usufructuary (vruchtgebruiker) with voting rights and/or Meeting Rights, or a pledgee with voting rights and/or Meeting Rights.
	Shareholder	a holder of shares in the capital of the Company.
	Simple Majority	more than fifty percent (50%) of the votes cast.
	Subsidiary	a legal entity in whose general meeting the Company or one or more of its subsidiaries can, whether by virtue of an agreement with other persons with voting rights or otherwise and whether acting alone or together, exercise more than fifty percent (50%) of the voting rights, and any other legal entities and partnerships that are designated as such by the DCC.

		Page

ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE		1
Section 1.1.	Definitions	1
Section 1.2.	Other Definitions	5
Section 1.3.	Incorporation by Reference of Trust Indenture Act	5
Section 1.4.	Rules of Construction	6

ARTICLE II. THE SECURITIES		6
Section 2.1.	Issuable in Series	6
Section 2.2.	Establishment of Terms of Series of Securities	6
Section 2.3.	Execution and Authentication	9
Section 2.4.	Registrar, Paying Agent and Notice Agent	10
Section 2.5.	Paying Agent to Hold Money in Trust	11
Section 2.6.	Holder Lists	12
Section 2.7.	Transfer and Exchange	12
Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities	12
Section 2.9.	Outstanding Securities	13
Section 2.10.	Treasury Securities	14
Section 2.11.	Temporary Securities	14
Section 2.12.	Cancellation	14
Section 2.13.	Defaulted Interest	14
Section 2.14.	Global Securities	15
Section 2.15.	CUSIP Numbers	17

ARTICLE III. REDEMPTION		17
Section 3.1.	Notice to Trustee	17
Section 3.2.	Selection of Securities to be Redeemed	17
Section 3.3.	Notice of Redemption	18
Section 3.4.	Effect of Notice of Redemption	18
Section 3.5.	Deposit of Redemption Price	19
Section 3.6.	Securities Redeemed in Part	19

ARTICLE IV. COVENANTS		19
Section 4.1.	Payment of Principal and Interest	19
Section 4.2.	SEC Reports	19
Section 4.3.	Compliance Certificate	20
Section 4.4.	Stay, Extension and Usury Laws	20

ARTICLE V. SUCCESSORS		20
Section 5.1.	When Company May Merge, Etc.	20
Section 5.2.	Successor Person Substituted	21

ARTICLE VI. DEFAULTS AND REMEDIES		21
Section 6.1.	Events of Default	21

Section 6.2.	Acceleration of Maturity; Rescission and Annulment	23
Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	23
Section 6.4.	Trustee May File Proofs of Claim	24
Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	25
Section 6.6.	Application of Money Collected	25
Section 6.7.	Limitation on Suits	25
Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	26
Section 6.9.	Restoration of Rights and Remedies	26
Section 6.10.	Rights and Remedies Cumulative	26
Section 6.11.	Delay or Omission Not Waiver	26
Section 6.12.	Control by Holders	27
Section 6.13.	Waiver of Past Defaults	27
Section 6.14.	Undertaking for Costs	27

ARTICLE VII. TRUSTEE		28
Section 7.1.	Duties of Trustee	28
Section 7.2.	Rights of Trustee	29
Section 7.3.	Individual Rights of Trustee	30
Section 7.4.	Trustee’s Disclaimer	30
Section 7.5.	Notice of Defaults	31
Section 7.6.	Reports by Trustee to Holders	31
Section 7.7.	Compensation and Indemnity	31
Section 7.8.	Replacement of Trustee	32
Section 7.9.	Successor Trustee by Merger, Etc.	33
Section 7.10.	Eligibility; Disqualification	33
Section 7.11.	Preferential Collection of Claims Against Company	33

ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE		33
Section 8.1.	Satisfaction and Discharge of Indenture	33
Section 8.2.	Application of Trust Funds; Indemnification	34
Section 8.3.	Legal Defeasance of Securities of any Series	35
Section 8.4.	Covenant Defeasance	37
Section 8.5.	Repayment to Company	38
Section 8.6.	Reinstatement	38

ARTICLE IX. AMENDMENTS AND WAIVERS		38
Section 9.1.	Without Consent of Holders	38
Section 9.2.	With Consent of Holders	39
Section 9.3.	Limitations	40
Section 9.4.	Compliance with Trust Indenture Act	40
Section 9.5.	Revocation and Effect of Consents	41
Section 9.6.	Notation on or Exchange of Securities	41
Section 9.7.	Trustee Protected	41

ARTICLE X. MISCELLANEOUS		42
Section 10.1.	Trust Indenture Act Controls	42
Section 10.2.	Notices	42

Section 10.3.	Communication by Holders with Other Holders	43
Section 10.4.	Certificate and Opinion as to Conditions Precedent	43
Section 10.5.	Statements Required in Certificate or Opinion	44
Section 10.6.	Rules by Trustee and Agents	44
Section 10.7.	Legal Holidays	44
Section 10.8.	No Recourse Against Others	44
Section 10.9.	Counterparts	45
Section 10.10.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	45
Section 10.11.	No Adverse Interpretation of Other Agreements	46
Section 10.12.	Successors	46
Section 10.13.	Severability	46
Section 10.14.	Table of Contents, Headings, Etc.	46
Section 10.15.	Securities in a Foreign Currency	46
Section 10.16.	Judgment Currency	47
Section 10.17.	Force Majeure	47
Section 10.18.	U.S.A. Patriot Act	47

ARTICLE XI. SINKING FUNDS		48
Section 11.1.	Applicability of Article	48
Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	48
Section 11.3.	Redemption of Securities for Sinking Fund	49

ARTICLE XII. GUARANTEE		49
Section 12.1.	Unconditional Guarantee	49
Section 12.2.	Limitation on Guarantors’ Liability	50
Section 12.3.	Release of Guarantors from Guarantee	51

§ 310(a)(1)		7.10
(a)(2)		7.10
(a)(3)		Not Applicable
(a)(4)		Not Applicable
(a)(5)		7.10
(b)		7.10
§ 311(a)		7.11
(b)		7.11
(c)		Not Applicable
§ 312(a)		2.6
(b)		10.3
(c)		10.3
§ 313(a)		7.6
(b)(1)		7.6
(b)(2)		7.6
(c)(1)		7.6
(d)		7.6
§ 314(a)		4.2, 10.5
(b)		Not Applicable
(c)(1)		10.4
(c)(2)		10.4
(c)(3)		Not Applicable
(d)		Not Applicable
(e)		10.5
(f)		Not Applicable
§ 315(a)		7.1
(b)		7.5
(c)		7.1
(d)		7.1
(e)		6.14
§ 316(a)		2.10
(a)(1)(A)		6.12
(a)(1)(B)		6.13
(b)		6.8
§ 317(a)(1)		6.3
(a)(2)		6.4
(b)		2.5
§ 318(a)		10.1

TERM		DEFINED IN SECTION

“Agent Members”		2.14.6
“Bankruptcy Law”		6.1(f)
“Custodian”		6.1(f)
“DTC”		2.14.3
“Event of Default”		6.1
“Guarantee”		12.1(b)
“Judgment Currency”		10.16
“mandatory sinking fund payment”		11.1
“New York Banking Day”		10.16
“Notice Agent”		2.4
“optional sinking fund payment”		11.1
“Paying Agent”		2.4
“Registrar”		2.4
“Required Currency”		10.16
“Specified Courts”		10.10
“successor person”		5.1

	LINEAGE, INC.

	By:
		Name:
		Its:

	[_____], as Guarantor

	By:
		Name:
		Its:

	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

	By:
		Name:
		Its:

	LINEAGE OP, LP,
	as the Company

	By:	Lineage, Inc.
		Its general partner

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE, INC.,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE LOGISTICS HOLDINGS, LLC,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE LOGISTICS, LLC,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE LOGISTICS SERVICES, LLC,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE LOGISTICS CANADA HOLDINGS, LLC,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE AUS RE HOLDINGS, LLC,
	as a Guarantor

	By:	/s/ Craig Andrew Bowyer
	Name: Craig Andrew Bowyer
	Title: Regional Vice President

	COLUMBIA COLSTOR, INC.,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer


	LINEAGE LOGISTICS MTC, LLC
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE WA COLUMBIA RE, LLC,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Treasurer

	LINEAGE LOGISTICS CANADA HOLDINGS LTD.,
	as a Guarantor

	By:	/s/ Brian McGowan
	Name: Brian McGowan
	Title: Director

	BOREAS LOGISTICS HOLDINGS B.V.,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Authorized Signatory

	LINEAGE TREASURY EUROPE B.V.,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Authorized Signatory

	LINEAGE EUROPE FINCO B.V.,
	as a Guarantor

	By:	/s/ Michelle Domas
	Name: Michelle Domas
	Title: Authorized Signatory

Executed by Emergent Cold MidCo Pty Ltd (ACN 622 098 293), as a Guarantor, in accordance with section 127 of the Corporations Act 2001 (Cth) by:

/s/ Craig Andrew Bowyer
Sole director signature

CRAIG ANDREW BOWYER
Full name (BLOCK LETTERS)

	U.S. Bank Trust Company, National Association
	not in its individual capacity but solely as Trustee

	By:	/s/ Bradley E. Scarbrough
		Name: Bradley E. Scarbrough
		Title: Vice President

	10250 Constellation Blvd., Suite 1100
	Los Angeles, California 90067
	Tel: +1.424.653.5500 Fax: +1.424.653.5501
	www.lw.com

	FIRM / AFFILIATE OFFICES
	Austin	Milan
	Beijing	Munich
	Boston	New York
	Brussels	Orange County
December 18, 2025	Chicago	Paris
	Dubai	Riyadh
	Düsseldorf	San Diego
	Frankfurt	San Francisco
	Hamburg	Seoul
	Hong Kong	Silicon Valley
	Houston	Singapore
	London	Tel Aviv
	Los Angeles	Tokyo
	Madrid	Washington, D.C.


Snell & Wilmer \| 601 SW Second Avenue \| Suite 2000 \| Portland, OR 97204	SWLAW.COM

	Very truly yours,

	/s/ Snell & Wilmer L.L.P.

	Snell & Wilmer L.L.P.

Partner:	David Beckett +61 2 9392 7449
Email:	David.Beckett@jws.com.au
Special Counsel:	David Li +61 2 8247 9674
Email:	David.Li@jws.com.au
Our Ref:	D7387
Doc ID:	500813208.5

Sincerely yours,

/s/ NautaDutilh N.V.

NautaDutilh N.V.

Subsidiary	Role	Jurisdiction of Organization
Lineage OP, LP	Issuer under the Lineage OP Indenture and guarantor under each of the Lineage Indenture and the Lineage Europe Indenture	Maryland
Lineage Europe Finco B.V.	Issuer under the Lineage Europe Indenture and guarantor under each of the Lineage Indenture and the Lineage OP Indenture	Netherlands
Lineage Logistics Holdings, LLC	Guarantor under each of the Lineage Indenture, the Lineage OP Indenture and the Lineage Europe Indenture	Delaware
Lineage Logistics, LLC	Guarantor under each of the Lineage Indenture, the Lineage OP Indenture and the Lineage Europe Indenture	Delaware
Lineage Logistics Services, LLC	Guarantor under each of the Lineage Indenture, the Lineage OP Indenture and the Lineage Europe Indenture	Delaware
Lineage Logistics Canada Holdings, LLC	Guarantor under each of the Lineage Indenture, the Lineage OP Indenture and the Lineage Europe Indenture	Delaware
Lineage AUS RE Holdings, LLC	Guarantor under each of the Lineage Indenture, the Lineage OP Indenture and the Lineage Europe Indenture	Delaware

Maryland	82-1271188
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Exact Name of Registrant as Specified in its Charter	State or Other Jurisdiction of Incorporation or Organization	I.R.S. Employer Identification Number	Address of Registrants Principal Executive Offices
Lineage Logistics Holdings, LLC	Delaware	30-0707700	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Logistics, LLC	Delaware	38-3899873	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Logistics Services, LLC	Delaware	83-2072741	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Logistics Canada Holdings, LLC	Delaware	85-2232173	46500 Humboldt Drive, Novi, Michigan 48377
Lineage AUS RE Holdings, LLC	Delaware	—	46500 Humboldt Drive, Novi, Michigan 48377
Columbia Colstor, Inc.	Washington	91-1204627	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Columbia Mezz, LLC	Delaware	—	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Logistics MTC, LLC	Maryland	52-0411970	46500 Humboldt Drive, Novi, Michigan 48377
Lineage WA Columbia RE, LLC	Delaware	—	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Treasury Europe B.V.	Netherlands	98-1576057	46500 Humboldt Drive, Novi, Michigan 48377
Boreas Logistics Holdings B.V.	Netherlands	98-1372557	46500 Humboldt Drive, Novi, Michigan 48377
Lineage Logistics Canada Holdings Ltd.	Ontario, Canada	98-1669890	46500 Humboldt Drive, Novi, Michigan 48377
Emergent Cold Midco Pty Ltd	Australia	98-1545556	46500 Humboldt Drive, Novi, Michigan 48377

	By:	/s/ Bradley E. Scarbrough
		Bradley E. Scarbrough
		Vice President

/s/ Jeffrey T. Grubb
Jeffrey T. Grubb

/s/ Robert D. Sznewajs
Robert D. Sznewajs

/s/ Dwight V. Board
Dwight V. Board

/s/ P. K. Chatterjee
P. K. Chatterjee

/s/ Robert Lane
Robert Lane

	9/30/2025
Assets
Cash and Balances Due From Depository Institutions	$	1,949,886
Securities		4,656
Federal Funds		0
Loans & Lease Financing Receivables		0
Fixed Assets		713
Intangible Assets		574,611
Other Assets		162,279
Total Assets	$	2,692,145

Liabilities
Deposits	$	0
Fed Funds		0
Treasury Demand Notes		0
Trading Liabilities		0
Other Borrowed Money		0
Acceptances		0
Subordinated Notes and Debentures		0
Other Liabilities		222,254
Total Liabilities	$	222,254

Equity
Common and Preferred Stock		200
Surplus		1,171,635
Undivided Profits		1,298,056
Minority Interest in Subsidiaries		0
Total Equity Capital	$	2,469,891

Total Liabilities and Equity Capital	$	2,692,145