Swift Applies to Go Public
Swift Holdings, a newly formed subsidiary of truckload carrier Swift Corporation, has filed for an initial public offering of its common stock with the Securities and Exchange Commission, according to the filing
Swift Holdings, a newly formed subsidiary of truckload carrier Swift Corporation, has filed for an initial public offering of its common stock with the Securities and Exchange Commission, according to the filing.
The company hopes to raise about $700 million by going public.
The net proceeds of the offering will go to repay a portion of its existing senior secured credit facility and for general corporate purposes.
Prior to the consummation of the offering, Swift Corporation will merge with and become Swift Holdings Corp.The number of shares to be offered and the price range for the offering have not yet been determined.
Morgan Stanley, Bank of America Merrill Lynch, and Wells Fargo Securities are the representatives of the underwriters of the offering and joint book-running managers.
Swift, owned by Jerry Moyes, went private three years ago in a $2.5 billion buyout, according to reports by Bloomberg. Jerry grew the business to a $25 million annual revenue in 1984. Today, the company generates over $3.4 billion in revenue and operates over 16,000 trucks, the company's website says.
If the company goes public, its stock will trade under SWFT.
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