TFI International Inc. (TFII) Prices 4.4M Share Upsized Common Offering at $43.25/Sh

TFI International Inc. (NYSE: TFII) today announced the pricing of its previously-announced marketed offering in the United States and Canada and that the size of the offering has been increased to 4,400,000 common shares. TFI International will issue the shares at a price of US $43.25 per share, the equivalent of CAD $57.32 per share based on today’s Bank of Canada exchange rate, for gross proceeds of US $190,300,000. The offering is expected to close on August 17, 2020, subject to customary closing conditions.

The public offering is being 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.

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.

TFI International has also granted the underwriters an option to purchase up to an additional 660,000 common shares, representing 15% of the number of common shares to be sold pursuant to the public offering, solely to cover the underwriters’ over-allocation position, if any, and for market stabilization purposes. The option is exercisable by the underwriters for a period of 30 days following the closing of the offering.

You May Also Be Interested In

• 10 analysts discuss Meta Platforms (META) stock after earnings selloff
• Rubrik, Inc. (RBRK) IPO Opens at $38.60, Priced at $32
• Digital Realty Trust (DLR) Appoints Susan Swanezy to its Board