Swift Transportation Co., LLC Commences Cash Tender Offers and Consent Solicitations

rookietrucker · Nov 19, 2010

Swift Transportation Co., LLC Commences Cash Tender Offers and Consent Solicitations for Any and All of Its Outstanding Second-Priority Senior Secured Floating Rate Notes Due 2015 and 12 1/2% Second-Priority Senior Secured Fixed Rate Notes Due 2017

PHOENIX, AZ--(Marketwire - 11/19/10) - Swift Corporation, a leading multi-faceted transportation services company and the largest truckload carrier in North America, announced today that its wholly owned subsidiary, Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.), has commenced offers to purchase for cash any and all of the (i) $203,600,000 outstanding principal amount of its Second-Priority Senior Secured Floating Rate Notes due 2015 and (ii) $505,648,000 outstanding principal amount of its 12½% Second-Priority Senior Secured Fixed Rate Notes due 2017 (together with the Floating Rate Notes due 2015, the "Notes"). In conjunction with the tender offers, Swift is soliciting consents to effect certain proposed amendments to the indentures governing the Notes. The offers and consent solicitations are being made pursuant to an Offer to Purchase and Consent Solicitation Statement dated November 19, 2010, and a related Consent and Letter of Transmittal, which set forth the terms and conditions of the offers and consent solicitations in full detail.

The total consideration to be paid for each $1,000 principal amount of the 2015 Notes tendered, and not validly withdrawn, will be $1,000. The total consideration to be paid for each $1,000 principal amount of the 2017 Notes tendered, and not validly withdrawn, will be $1,085. The total consideration for each series of Notes includes a consent payment of $30 per $1,000 principal amount, which is payable only to holders who tender their Notes and validly deliver their consents prior to the expiration of the consent solicitations. Holders who tender their Notes after the expiration of the consent solicitations, but on or prior to the tender expiration will receive the applicable tender offer consideration, which is the applicable total consideration minus the consent payment. The consent solicitations will expire at 5:00 p.m., New York City time, on December 3, 2010, unless terminated or extended. The tender offers will expire at midnight, New York City time, on December 17, 2010, unless terminated or extended. Tendering holders will also receive accrued and unpaid interest from the last applicable interest payment date to, but not including, the payment date. Tendered Notes may not be withdrawn and consents may not be revoked after 5:00 p.m., New York City time, on December 3, 2010, except to the extent required by law or such date is extended.
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more here >> Swift Transportation Co., LLC Commences Cash Tender Offers and Consent Solicitations for Any and All of Its Outstanding Second-Priority Senior Secured Floating Rate Notes Due 2015 and 12 1/2% Second-Priority Senior Secured Fixed Rate Notes Due 2017

Fewe · Nov 23, 2010

WTF does that mean... I recognize most of the words as English but have never seen them in that order before!!! Seriously, do you have any idea 'cause I am lost...

Ken · Nov 23, 2010

Fewe said: ↑

WTF does that mean... I recognize most of the words as English but have never seen them in that order before!!! Seriously, do you have any idea 'cause I am lost...
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It pretty much means they want to pay off their debt to get out from under the 12.5% bonds they sold..

Basically refinancing their debt..

Texas-Nana · Nov 23, 2010

Nevermind *s*

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Swift Transportation Co., LLC Commences Cash Tender Offers and Consent Solicitations

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Swift Transportation Co., LLC Commences Cash Tender Offers and Consent Solicitations

rookietrucker Trucker Forum STAFF Staff Member

Wait, employers can't reach you!

Fewe Light Load Member

Ken Couch Commander

Texas-Nana Princess Drives-a-Lot

Wait, employers can't reach you!