BELLEVUE, Wash., Dec. 12, 2013 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE MKT: RLGT) a domestic and international logistics services company (the "Company"), today announced that it priced a public offering of 800,000 shares of its 9.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Shares"), liquidation preference $25.00 per share for gross proceeds of approximately $20.0 million, before deducting the underwriting discount and other estimated offering costs. The offering is subject to customary closing conditions and is expected to close on or about December 20, 2013. The Company expects to list the Series A Preferred Shares on the NYSE MKT Stock Market under the symbol "RLGTPRA" and the shares to commence trading within 30 days of the original issue date.
In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 120,000 shares of the Series A Preferred Stock to cover overallotments, if any.
The Company intends to use the net proceeds from the sale of the securities offered by us under this prospectus primarily to retire the outstanding balance owed under the senior subordinated notes issued to Caltius and reduce the amount outstanding under its credit facility with Bank of America, NA ("BofA"). After paying down the BofA credit facility upon the closing of the offering, the Company expects to have less than $5.0 million drawn on such credit facility. In the future, the Company may make additional borrowings under the credit facility, subject to the terms thereof, including the borrowing base, for working capital and general corporate purposes, including to fund potential acquisitions.
Sterne, Agee & Leach Inc. and Janney Montgomery Scott LLC are acting as joint book running managers for the offering. Boenning & Scattergood, Inc. and National Securities Corporation are acting as co-managers for the offering.