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Swift sets price talk on $835 million two-part second-priority notes
By Paul A. Harris
St. Louis, May 1 - Saint Acquisition Corp., which will be merged with and into Swift Transportation Co., Inc., set the price talk for its $835 million two-part offering of second-priority senior secured notes (B-) on Tuesday, according to an informed source.
The Phoenix-based freight company is talking its eight-year floating-rate notes at Libor plus 650 basis points. The floaters come with two years of call protection.
Meanwhile the company is talking its 10-year fixed-rate notes at the 11½% area. The fixed-rate notes come with five years of call protection.
Pricing is expected late this week.
Morgan Stanley is the left bookrunner for the Rule 144A for life and Regulation S offering of notes. Wachovia Securities and JP Morgan are joint bookrunners. ABN Amro is the co-manager.
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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