Swift Files Registration for IPO
Swift Corp. said its wholly owned subsidiary Swift Holdings Corp. has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering.
The number of shares to be offered and the price range for the offering have not yet been determined, the company said, but the filing could be for as much as $700 million, Bloomberg reported.
Immediately prior to the consummation of the offering, Swift Corp. will merge with Swift Holdings Corp., with Swift Holdings Corp. surviving, the company said in a statement.
Swift used to be publicly traded, but Chairman and Chief Executive Jerry Moyes took the company private in a $2.5 billion buyout three years ago after he was ousted as CEO in 2005, Bloomberg reported. Moyes helped found Swift in 1966 with a single truck to haul steel and took the company public in 1990.
Swift said it expects to use the net proceeds of the offering to repay a portion of its existing senior secured credit facility and for general corporate purposes. The public company will be traded under the ticker SWFT, Bloomberg reported.
Swift Transportation is ranked No. 10 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
