This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

UTi Worldwide CEO Comments On Refinancing

LONG BEACH, Calif., March 4, 2014 (GLOBE NEWSWIRE) -- Earlier today, UTi Worldwide Inc. (Nasdaq:UTIW) announced the closing of both of its previously announced private offerings. These offerings consist of $400 million aggregate principal amount of 4.50% Convertible Senior Notes due 2019 (the "Notes") and $175 million of 7.00% Convertible Preference Shares. The closing of these two offerings represents a significant step in completing the company's recapitalization plan.

Eric W. Kirchner, chief executive officer, said, "Our refinancing strengthens our balance sheet and allows us to focus on completing our transformation and growing our business. We plan to seek shareholder approval at our June Annual Meeting to provide us the flexibility to settle the convertible notes in cash. If the Notes were to be settled in cash, there would be no equity dilution associated with the issuance of the Notes unless and until the price of our ordinary shares exceeds $14.50, in which case the $400 million principal amount of Notes would be able to be paid in cash and the equity value in excess of $14.50 would be paid in shares. Actual payment terms will depend on market conditions at the time of settlement."

Kirchner continued, "We feel very positive about the progress of our transformation initiatives. This week we launched our 1View freight forwarding operating system in China, South Africa, Peru and Uruguay, bringing to 32 the total number of countries on the system. This represents approximately 72 percent of total freight forwarding transactions. The deployment in China and South Africa represents another major milestone in the system rollout as it allows us to pair origin and destination shipments in most of our major markets. We remain on track to achieve full deployment by the end of August. The refinancing provides us with greater operating flexibility and allows us to maintain full focus on executing our strategy, achieving value release from our investments and growing ahead of the competition."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,937.27 +9.07 0.05%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs