TFI International Inc. Announces Private Placement of USD 500 Million Senior Notes
November 23, 2020 at 01:00 pm
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TFI International Inc. announced an agreement to issue and sell an aggregate principal amount of USD 500 million of senior notes consisting of four tranches in a private placement transaction led by Prudential Private Capital, to entities including but not limited to Guggenheim Investments, MetLife Investment Management, LLC’s clients, Voya Investment Management, LLC and Barings LLC. TFI International intends to use the net proceeds from the issuance of the senior notes primarily to repay existing debt as well as for general corporate purposes, which may include acquisitions. The financing is expected to be leverage-neutral at closing from a net debt perspective. The four tranches of aggregate principal amount of senior notes will include: (a) USD 150 million aggregate principal amount of 3.15% Guaranteed Senior Notes, Series A, due January 5, 2029; (b) USD 150 million aggregate principal amount of 3.25% Guaranteed Senior Notes, Series B, due January 5, 2031; (c) USD 150 million aggregate principal amount of 3.35% Guaranteed Senior Notes, Series C, due January 5, 2033; and (d) USD 50 million aggregate principal amount of 3.50% Guaranteed Senior Notes, Series D, due January 5, 2036. The private placement of the senior notes is expected to close on or about January 5, 2021, subject to customary conditions. The notes will be senior unsecured obligations issued by TForce Holdings Inc., a wholly-owned subsidiary of TFI International, and unconditionally guaranteed by TFI International and substantially all of its subsidiaries.
TFI International Inc. is a transportation and logistics company, operating across the United States and Canada through its subsidiaries. The Company's segments include Package and Courier, Less-Than-Truckload, Less-Than-Truckload, and Logistics. The Package and Courier segment is engaged in pickup, transport, and delivery of items across North America. The Less-Than-Truckload segment is engaged in pickup, consolidation, transport, and delivery of smaller loads. The Truckload segment is a provider of conventional and specialized truckload services, including flatbed, tanks, dumps, and oversized. It offers specialized trailers, and a million-plus square feet of industrial warehousing space. The Logistics segment provides asset-light logistics services, including brokerage, freight forwarding and transportation management, as well as small package parcel delivery. The Company also specializes in hauling compostable and recyclable materials and in residential waste management.