Swift Transportation Co. , the biggest truckload carrier in North America, raised $806 million after cutting the price for the second-largest U.S. initial public offering of 2010.
Jerry Moyes , who took control of Swift Transportation Co. in a $2.37 billion leveraged buyout in 2007, is planning an initial public offering that values the trucking company at 25 percent less after three years of losses.
Swift Transportation Co., the largest truckload carrier in North America, is seeking $874 million in term loans to refinance existing debt, according to a person with knowledge of the transaction.
Swift Transportation Co. rose the most since its December 2010 initial public offering after the trucking company posted profit that beat analysts’ estimates.
Investors have driven down transportation stocks on concern a recession is looming in the U.S. That may be an opportunity for those who see the industry getting a fresh boost from holiday sales.
An increase in goods entering California is signaling optimism about the resilience of U.S. consumer spending and the trucking industry this year.