TFI International Announces Closing of US $230 Million Public Offering
February 18 2020 - 10:50AM
TFI International Inc. (NYSE and TSX: TFII), a North American
leader in the transportation and logistics industry, today
announced the closing of its previously-announced marketed offering
of common shares in the United States and Canada, representing
TFI International’s initial public offering in the United
States. TFI International issued a total of
6,900,000 shares, including 900,000 shares following the
exercise in full by the underwriters of their over-allotment
option. The shares were issued at a price of US $33.35
per share, the equivalent of CAD $44.20 per share based on the
Bank of Canada exchange rate at the time of pricing, for gross
proceeds to TFI International of US $230,115,000
(approximately CAD $305 million).
TFI International expects to use the net
proceeds from the offering to reduce the amount outstanding under
one of its credit facilities, thereby increasing the amount
available under the credit facility for future use by TFI
International. TFI International may use the credit facility
in the future for working capital and general corporate purposes,
including potential acquisitions.
The public offering was conducted through a
syndicate of underwriters led by Morgan Stanley, BofA
Securities, J.P. Morgan and Credit Suisse as joint lead
book-running managers, with RBC Capital Markets and UBS Investment
Bank as joint-bookrunners and Cowen, National Bank of Canada
Financial, Stephens Inc., Stifel and Wolfe Capital Markets and
Advisory as co-managers.
No securities regulatory authority has either
approved or disapproved the contents of this news release.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
ABOUT TFI INTERNATIONALTFI
International Inc. is a North American leader in the transportation
and logistics industry, operating across the United States,
Canada and Mexico through its subsidiaries. TFI International
creates value for shareholders by identifying strategic
acquisitions and managing a growing network of wholly-owned
operating subsidiaries. Under the TFI International umbrella,
companies benefit from financial and operational resources to build
their businesses and increase their efficiency.
TFI International companies service the following
segments:
- Package and Courier;
- Less-Than-Truckload;
- Truckload;
- Logistics.
TFI International Inc. is publicly traded on the
New York Stock Exchange and the Toronto Stock Exchange under the
symbol TFII.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
Certain statements included in this press
release may be “forward-looking information” within the meaning of
applicable Canadian securities laws, section 27A of the United
States Securities Act of 1933, as amended, and section 21E of
the United States Securities Exchange Act of 1934, as amended, and
such statements are subject to the safe harbor created by those
sections and by the United States Private Securities Litigation
Reform Act of 1995, as amended, including statements regarding the
use of proceeds of the public offering. This forward-looking
information is identified by the use of terms and phrases such as
“may”, “might”, “expect”, “intend”, “estimate”, “anticipate”,
“plan”, “foresee”, “believe”, “to its knowledge”, “could”,
“design”, “forecast”, “goal”, “hope”, “intend”, “likely”,
“predict”, “project”, “seek”, “should”, “target”, “will”, “would”
or “continue”, and the negative of these terms and similar
terminology, including references to assumptions, although not all
forward-looking information contains these terms and phrases.
Forward-looking information is based upon a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond TFI International’s control, that could cause
actual results to differ materially from those that are disclosed
in or implied by such forward-looking information. The
forward-looking information contained in this press release
represents TFI International’s expectations as of the date of
this press release (or as of the date they are otherwise stated to
be made), and are subject to change after such date. However,
TFI International does not undertake to update or amend such
forward-looking information whether as a result of new information,
future events or otherwise, except as may be required by applicable
law.
For further information:Alain BédardChairman,
President and CEOTFI International
Inc.647-729-4079abedard@tfiintl.com
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