Swift to start roadshow Monday for $835 million two-part note offering

By Paul A. Harris

St. Louis, April 19 - Saint Acquisition Corp., which will be merged with and into Swift Transportation Co., Inc., will start a roadshow on Monday for its $835 million two-part offering of second-priority senior secured notes, according to an informed source.

The Phoenix-based freight company is offering eight-year floating-rate notes, which will come with two years of call protection, and 10-year fixed-rate notes, which will come with five years of call protection.

Pricing is expected during the week of April 30.

Morgan Stanley is the left bookrunner for the Rule 144A for life and Regulation S note offering. Wachovia Securities and JP Morgan are joint bookrunners. ABN Amro is the co-manager.

Credit ratings are expected but remain to be determined.

Both tranches of notes come with 35% equity clawbacks.

Proceeds will be used to fund a portion of the acquisition of the company by Saint Corp., an entity created by Swift's founder and largest shareholder, Jerry Moyes, a current director and former chairman and chief executive officer.

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