SOURCE: Swift Transportation

Swift Transportation

December 23, 2010 12:37 ET

Swift Transportation Company Announces Completion of IPO and Concurrent Refinancing

PHOENIX, AZ--(Marketwire - December 23, 2010) -  Swift Transportation Company (NYSE: SWFT), a multi-faceted transportation services company and the largest truckload carrier in North America, is pleased to announce the closing of its initial public offering of 73,300,000 shares of Class A common stock and the completion of four concurrent capital markets transactions on December 21, 2010. Swift's initial public offering represents the second largest U.S. IPO of 2010. As a result of the IPO and concurrent transactions, Swift reduced its outstanding indebtedness by more than $600 million and significantly reduced its anticipated annual cash interest expense, thereby freeing up cash flow for reinvestment in the business or additional debt repayment.

The IPO raised net proceeds of $766 million after underwriting discounts and before expenses. Swift also privately placed $500 million aggregate principal amount of 10.0% senior second priority secured notes due 2018. In addition, Swift entered into a new senior secured credit facility consisting of a $1,070 million term loan and a $400 million revolving credit facility. Swift used the net proceeds of the IPO and notes issuance and borrowings under its new credit facility to repay all outstanding indebtedness under its existing credit facility, to complete a tender offer and consent solicitation to repurchase $682.6 million aggregate principal amount of its outstanding senior secured notes and to settle interest rate swap agreements. 

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release may contain certain forward-looking statements that involve risks and uncertainties, including with respect Swift's anticipated cash interest expense and cash flow. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, and other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "projects," "forecasts," "plans," "intends," "believes," "foresees," "seeks," "likely," "may," "will," "should," "goal," "target," and variations of these words or similar expressions (or the negative versions of any such words) are intended to identify forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. Accordingly, investors should not place undue reliance on our forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are based upon information available to us on the date of this press release. We undertake no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events, except as required by law.

About Swift

Swift is a multifaceted transportation services company and the largest truckload carrier in North America based in Phoenix, Arizona. At September 30, 2010, Swift operated a tractor fleet of approximately 16,200 units comprised of 12,300 tractors driven by company drivers and 3,900 owner-operator tractors, a fleet of 48,600 trailers, and 4,500 intermodal containers from 35 major terminals positioned near major freight centers and traffic lanes in the United States and Mexico. Swift offers customers "one-stop shopping" for a broad spectrum of their truckload transportation needs. Swift's asset-based transportation services include dry van, dedicated, temperature controlled, cross border, and port drayage operations. Swift's complementary and more rapidly growing "asset-light" services include rail intermodal, freight brokerage and third-party logistics operations. Swift uses sophisticated technologies and systems that contribute to asset productivity, operating efficiency, customer satisfaction and safety.

Contact Information

  • CONTACT:
    Swift Transportation Company
    Attn: Jason Bates
    Vice President of Finance, Treasury and Investor Relations
    Telephone: (602) 269-9700
    www.swifttrans.com