Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

Nachrichten Feb 26, 2019

Roadrunner Transportation Systems, Inc.’s $450 Million Rights Offering

Shearman & Sterling represented Barclays Capital Inc., as dealer manager, in connection with Roadrunner Transportation Systems’ $450 million rights offering. At closing, Roadrunner sold and issued 900 million new shares of common stock at a subscription price of $0.50 per share. The rights offering was fully backstopped by funds affiliated with Elliott Management Corporation.

The proceeds from the rights offering and backstop commitment were used to fully redeem Roadrunner’s outstanding shares of its preferred stock, pay related accrued and unpaid dividends and pay fees and expenses in connection with the rights offering and backstop commitment. The remaining proceeds will be used for general corporate purposes.  

Roadrunner is a leading asset-right transportation and asset-light logistics provider offering a full suite of services and solutions under the Roadrunner®, Active On-Demand® and Ascent Global Logistics® brands. The Roadrunner® brand offers less-than-truckload, over-the-road truckload and intermodal services. Active On-Demand® offers premium mission critical air and ground logistics solutions. Ascent Global Logistics® offers domestic freight management, retail consolidation, international freight forwarding and customs brokerage.

The Team