Radiant Logistics Inc. announced the sale of $20 million worth of preferred stock, with the intent of paying off a balance owed for senior subordinated notes.
The logistics operator based in Bellevue, Wash., announced the sale of 800,000 shares with a liquidation value of $25 per share in a Dec. 13 regulatory filing.
Radiant’s shares are Series A cumulative redeemable perpetual preferred stock, whose dividends are accumulated instead of paid periodically. The stock also has no specific date for redemption.
In the filing, Radiant said $8 million still is owed to Caltius, a Los Angeles-based private equity firm, after prior repayment of $2 million. Radiant also said the funds will be used to pay down its credit facility with Bank of America NA to below the $5 million level.