Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-light transportation and logistics services provider, announced today that it priced a public offering of 3,500,000 shares of common stock at a price of $17.25 per share to the public. A total of 3,400,000 shares are being sold by the Company and 100,000 shares are being sold by a selling stockholder. The Company has granted the underwriters in the offering an option to purchase up to 525,000 additional shares of common stock at the same price per share to cover any over-allotments. The offering is expected to close on December 11, 2012.
Assuming no exercise of the underwriters' over-allotment option, the Company expects to receive net proceeds from the offering of approximately $54.9 million after deducting the underwriting discount and estimated expenses of the offering. The Company expects to use the net proceeds from the offering to repay the outstanding indebtedness under its revolving line of credit and for working capital and other general corporate purposes.
Robert W. Baird & Co. Incorporated is serving as the book-running manager for the offering. BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated and SunTrust Robinson Humphrey, Inc. are serving as co-managing underwriters for the offering. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from the offices of Robert W. Baird & Co. Incorporated, 777 East Wisconsin Avenue, 28th Floor, Milwaukee, Wisconsin 53202-5391, or by calling 1-800-792-2473. Electronic copies of the prospectus and the prospectus supplement will be available on the Securities and Exchange Commission’s Web site at www.sec.gov.
The shares are being offered pursuant to an effective registration statement. This press release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.