TFI International Announces Closing of US $219 Million Public Offering
August 17 2020 - 11:13AM
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. TFI International
issued a total of 5,060,000 shares, including 660,000 shares
following the exercise in full by the underwriters of their
over-allotment option. The shares were issued at a price of
US $43.25 per share, the equivalent of CAD $57.32 per share
based on the Bank of Canada exchange rate at the time of pricing,
for gross proceeds to TFI International of US $218,845,000
(approximately CAD $290 million).
TFI International expects to use the net
proceeds from the offering for working capital and 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 general corporate purposes,
including acquisitions.
The public offering was conducted through a
syndicate of underwriters led by Morgan Stanley,
BofA Securities, Credit Suisse, Goldman Sachs &
Co. LLC and J.P. Morgan, as joint lead book-running managers,
with RBC Capital Markets and UBS Investment Bank as
joint-bookrunners and Cowen, National Bank of Canada Financial
Inc., 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 Toronto Stock Exchange under the symbol
TFII.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSCertain 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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