Swift Holdings Files to Raise $700 Million in Trucker's Initial Offering
Swift Holdings Corp., the Phoenix- based trucking company owned by Jerry Moyes, filed for an initial public offering to raise as much as $700 million.
The company will use the proceeds to repay a portion of its existing senior secured credit facility, according to its filing with the Securities and Exchange Commission today. Swift didn’t say how many shares it planned to sell, set a price range or disclose which U.S. exchange its shares will be listed on. The amount includes shares that its underwriters may purchase through an overallotment option.
Moyes took Swift private in a $2.5 billion buyout three years ago after he was ousted as chief executive officer in 2005. Moyes helped found Swift in 1966 with a single truck to haul steel and took the company public in 1990.
He was pushed out after insider-trading allegations and paid $1.25 million to the SEC in 2005 to settle the case without admitting or denying wrongdoing. He became dissatisfied with the way Swift was operated after he left, the company said in regulatory filings at the time.
Morgan Stanley of New York, Bank of America Corp. in Charlotte, North Carolina, and San Francisco-based Wells Fargo & Co. are leading the sale for Swift. The company will trade under the ticker SWFT.