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Truckload carrier sets stage for IPO as it seeks to cut debt
Swift Transportation, the nation's second-largest privately owned trucking company, is going public for the second time in its history.
A Swift-owned holding company filed plans for an initial public offering Wednesday with the federal Securities and Exchange Commission.
Immediately prior to the IPO, Swift Corp., the parent of the trucking operator, will merge with the holding company.
Swift Transportation had about $2.6 billion in revenue in 2009, according to estimates provided by SJ Consulting Group of Pittsburgh.
Money from the transaction would be used to expand the business and pay down corporate debt, the Phoenix-based company said.
It operates approximately 12,500 company-owned tractors and contracts with 3,700 owner-operators, the company said in its SEC filing.
The trucking giant is owned by founder, Chairman and CEO Jerry Moyes, who first took the company public in 1990 and then took it private again in 2007.
-- Contact William B. Cassidy at wcassidy@joc.com.
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