Roadrunner Transportation Systems has commenced a public offering of 4.3 million shares of its common stock, at a price of $27.00 per share to the public.
Of the total stock offered, 1.5 million shares are being offered by Roadrunner, No. 15 in JOC’s list of the Top 25 Less-Than-Truckload Carriers, and 2.8 million shares are being offered by selling stockholders. The stockholders will grant the underwriters in the offering an option to purchase up to 645,000 additional shares of common stock at the same price per share to cover any overallotments. The offering is expected to close on Aug. 19.
Roadrunner expects to receive about $38.0 million from the offering, after deducting the underwriting discount and estimated expenses of the offering. The company plans to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its revolving line of credit and for other general corporate purposes.