<SEC-DOCUMENT>0001193125-17-383346.txt : 20180215
<SEC-HEADER>0001193125-17-383346.hdr.sgml : 20180215
<ACCEPTANCE-DATETIME>20171229144302
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-383346
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICOLD REALTY TRUST
		CENTRAL INDEX KEY:			0001455863
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10 Glenlake Pkwy., Suite 800 S. Tower
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		678-441-1400

	MAIL ADDRESS:	
		STREET 1:		10 Glenlake Pkwy., Suite 800 S. Tower
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30328
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">King &amp; Spalding LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1180 Peachtree Street
N.E.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, GA 30309-3521</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 404 572 4600</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: +1 404 572 5100</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.kslaw.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;29, 2017 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA
EDGAR </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., Mail Stop 3233 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Sonia Gupta Barros </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Americold Realty Trust </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-11</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed December&nbsp;20, 2017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0001455863 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Ms.&nbsp;Barros: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Americold Realty Trust (the &#147;Company&#148;), we are submitting this letter and enclosed
materials in connection with Amendment No.&nbsp;1 to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-11</FONT> (the &#147;Registration Statement&#148;), filed with the Securities and Exchange Commission on
December&nbsp;20, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We refer to the sections entitled &#147;Principal Shareholders&#148; and &#147;Description of Shares of
Beneficial Interest&#151;Preferred Shares&#151;Series B Preferred Shares&#148; in the Registration Statement. As disclosed therein, we anticipate that certain affiliates of The Goldman Sachs Group, Inc. (the &#147;GS Entities&#148;) will enter into
an agreement pursuant to which YF ART Holdings, L.P. may transfer a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">to-be-determined</FONT></FONT> number of its common shares of the Company to the GS Entities. In the event that
Goldman Sachs&nbsp;&amp; Co. LLC, an affiliate of the GS Entities, participates as an underwriter in the offering described in the Registration Statement, such common shares will be treated as &#147;underwriting compensation&#148; under applicable
rules of the Financial Industry Regulatory Authority, Inc. In such event, we will include the enclosed disclosure in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me by telephone at (404) <FONT STYLE="white-space:nowrap">572-2765</FONT> or by email at csjohnson@kslaw.com
with any questions regarding this correspondence or these materials. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ C. Spencer Johnson, III</P></TD></TR>
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<TD VALIGN="bottom">C. Spencer Johnson, III</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 29, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Becky Chow </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kevin Woody </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Rahul K. Patel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Securities and
Exchange Commission) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fred Boehler </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Marc Smernoff </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Tom Novosel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Americold Realty Trust) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Keith
Townsend </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Peter Genz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gibbs
Fryer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(King&nbsp;&amp; Spalding LLP) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Edward F. Petrosky </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">J. Gerard
Cummins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Sidley Austin LLP) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Proposed Dislcosure with Respect to Goldman Sachs&nbsp;&amp; Co. LLC </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The following disclosure will be included under &#147;Underwriting&#148; in the preliminary prospectus constituting part of the Registration Statement in the event that Goldman Sachs&nbsp;&amp; Co. LLC participates as
an underwriter in the offering described in the Registration Statement:<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other
Compensation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The GS Entities are holders of Series B preferred shares and have agreed to convert their Series B preferred shares into
common shares in connection with this offering. YF ART Holdings has agreed that in the event this offering does not constitute a qualified IPO under the terms of the Series B preferred shares, it will transfer common shares to the GS Entities in
consideration for the conversion by the GS Entities of their Series B preferred shares into common shares. Common shares received by certain affiliates of Goldman Sachs&nbsp;&amp; Co. LLC pursuant to that arrangement will be treated as
&#147;underwriting compensation&#148; under applicable rules of the Financial Industry Regulatory Authority, Inc. or FINRA. As a result of limitations on participation as an underwriter imposed by FINRA rules relating to the receipt of
&#147;underwriting compensation,&#148; Goldman Sachs&nbsp;&amp; Co. LLC&#146;s withdrawal as an underwriter at the time of the pricing of this offering may be required, depending upon the value of the additional common shares received by its
affiliates pursuant to the foregoing arrangements. In addition, if Goldman Sachs&nbsp;&amp; Co. LLC does not withdraw as an underwriter, because the common shares received from YF ART Holdings are deemed by FINRA to be underwriting compensation,
they are subject to a <FONT STYLE="white-space:nowrap">lock-up</FONT> pursuant to FINRA Rule 5110(g)(1). Pursuant to FINRA Rule 5110(g)(1), these common shares may not be sold during this offering, or sold, transferred, assigned, pledged, or
hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of these common shares by any person for a period of 180 days immediately following the date of
the effectiveness of or commencement of sales in this offering, subject to certain exceptions set forth in FINRA Rule 5110(g)(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition to the foregoing, in the event this offering constitutes a qualified IPO under the terms of the Series B preferred shares, YF ART Holdings has agreed to transfer common shares to the GS Entities as consideration for the increased value of
the warrants held by YF ART Holdings as a result of the extension of the expiration date of such warrants as agreed to by the parties. Any common shares transferred in respect of this arrangement would be treated as &#147;underwriting
compensation&#148; under applicable rules of FINRA and would be subject to the <FONT STYLE="white-space:nowrap">lock-up</FONT> provisions under FINRA Rule 5110(g) as described above, although it is expected that the value of these shares will not
exceed the FINRA limitations on underwriting compensation referenced above. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We also intend to supplement the preliminary prospectus constituting part of the Registration Statement to identify Goldman Sachs&nbsp;&amp; Co. LLC&#146;s lending relationships with the Company, as applicable, where
other underwriters are identified as having lending relationships with the Company. In addition, we intend to include disclosure in the preliminary prospectus that will reference Goldman Sachs&nbsp;&amp; Co. LLC&#146;s status as an underwriter in
sections relating to the GS Entities in their capacity as holders of the Company&#146;s Series B preferred shares. </TD></TR></TABLE>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The following disclosure will be included under &#147;Underwriting&#148; in the final prospectus constituting part of the Registration Statement in the event that Goldman Sachs&nbsp;&amp; Co. LLC participates as an
underwriter in the offering described in the Registration Statement and the offering is not a qualified IPO (as defined in the Registration Statement):<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Compensation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The GS Entities are
holders of Series B preferred shares and have agreed to convert their Series B preferred shares into common shares in connection with this offering. YF ART Holdings has agreed that since this offering does not constitute a qualified IPO under the
terms of the Series B preferred shares, it will transfer common shares to the GS Entities in consideration for the conversion by the GS Entities of their Series B preferred shares into common shares. Common shares received by certain affiliates of
Goldman Sachs&nbsp;&amp; Co. LLC pursuant to that arrangement will be treated as &#147;underwriting compensation&#148; under applicable rules of the Financial Industry Regulatory Authority, Inc. (FINRA). [As a result, Goldman Sachs&nbsp;&amp; Co.
LLC will reimburse us $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of the compensation that it receives for acting as an underwriter for this offering.]<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> In addition, because the common
shares received from YF ART Holdings are deemed by FINRA to be underwriting compensation, they are subject to a <FONT STYLE="white-space:nowrap">lock-up</FONT> pursuant to FINRA Rule 5110(g)(1). Pursuant to FINRA Rule 5110(g)(1), these common shares
may not be sold during this offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of these common
shares by any person for a period of 180 days immediately following the date of the effectiveness of or commencement of sales in this offering, subject to certain exceptions set forth in FINRA Rule 5110(g)(2). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">The following disclosure will be included under &#147;Underwriting&#148; in the final prospectus constituting part of the Registration Statement in the event that Goldman Sachs&nbsp;&amp; Co. LLC participates as an
underwriter in the offering described in the Registration Statement and the offering is a qualified IPO: </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Compensation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">YF ART Holdings has agreed to transfer common shares to the GS Entities as consideration for the increased value of warrants held by YF ART
Holdings as a result of the extension of the expiration date of such warrants as agreed to by the parties. The common shares transferred in respect of this arrangement will be treated as &#147;underwriting compensation&#148; under applicable rules
of Financial Industry Regulatory Authority, Inc. (FINRA). As a result, they are subject to a <FONT STYLE="white-space:nowrap">lock-up</FONT> pursuant to FINRA Rule 5110(g)(1). Pursuant to FINRA Rule 5110(g)(1), these common shares may not be sold
during this offering, or sold, transferred, </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the event that the initial public offering price with respect to the Company&#146;s common shares in the offering contemplated by the Registration Statement is such that the amount of compensation required to be
reimbursed by Goldman Sachs&nbsp;&amp; Co. LLC in order to be under the FINRA limit is greater than the total underwriting compensation received by Goldman Sachs&nbsp;&amp; Co. LLC for acting as an underwriter in the offering, then Goldman
Sachs&nbsp;&amp; Co. LLC would be removed from the final prospectus as an underwriter and the section &#147;Other Compensation&#148; would be deleted from the final prospectus. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In the event that the initial public offering price with respect to the common shares is such that no
reimbursement is required, this sentence would be omitted. </P></TD></TR></TABLE>

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assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of these common
shares by any person for a period of 180 days immediately following the date of the effectiveness of or commencement of sales in this offering, subject to certain exceptions set forth in FINRA Rule 5110(g)(2). </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
