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TFI International (TSX:TFII) closes $290M public offering

Transport
TSX:TFII
17 August 2020 15:53 (EDT)
TFI International - CEO, Alain Bedard

Source: La Presse

Transport and logistics company, TFI International (TFII) has closed its public offering of common shares in Canada and the United States.

The public offering was conducted through a syndicate of underwriters, led by joint lead book-running managers Morgan Stanley, BofA Securities, Credit Suisse, Goldman Sachs & Co, and J.P. Morgan. The offering’s joint book-runners were RBC Capital Markets and UBS Investment Bank. 

Cowen, National Bank of Canada Financial Inc, Stephens Inc, and Stifel and Wolfe Capital Markets and Advisory acted as co-managers of the public offering.

During the marketed public offering, the company issued a total of 5.06 million shares, at a price of US$43.25 or approximately C$57.32 per share. This share price was based on the Bank of Canada exchange rate at the time of pricing.

Out of the 5.06 million shares, 660,000 were the result of the underwriters exercising their over-allotment options in full. The gross proceeds of the public offering amounted to US$218,845,000, or approximately C$290 million for TFI International.

TFI International plans to use the net proceeds of the offering to reduce the outstanding amount under one of its credit facilities. This will increase the amount under the credit facility which the company can use in the future. 

In future, TFI International may use the credit facility for general corporate purposes, including acquisitions. Some of the offering’s remaining proceeds may also go towards the company’s general working capital.

TFI International (TFII) is up 0.31 per cent and is trading at $57.45 per share at 12:10pm EDT.

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