Cudahy-based Roadrunner Transportation Systems Inc. announced it has commenced a public offering of 3.5 million shares of common stock.
In the offering, 3.4 million shares are being offered by the company to the public and 100,000 shares are being offered by a selling stockholder.
The company will grant the underwriters in the offering an option to purchase up to 525,000 additional shares of common stock at the same price per share to cover any over-allotments.
The offering is subject to market conditions.
The company expects to use the net proceeds from the offering to repay the outstanding indebtedness under its revolving line of credit and for working capital and other general corporate purposes.
Robert W. Baird & Co. Inc. of Milwaukee will serve as the book-running manager for the offering. BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated and SunTrust Robinson Humphrey, Inc. will serve as co-managing underwriters for the offering.
