Swift Holdings Corp, the largest truckload carrier in North America, raised the maximum size of its initial public offering by 43.8 percent.
The company now plans to raise a maximum of just over $1 billion, it said in a regulatory filing. It filed in July to raise up to $700 million.
Swift Holdings said it would use proceeds from the offering to repay debt.
As of Sept. 30, Swift Holdings operated a fleet of 16,200 tractors, 48,600 trailers and 4,500 intermodal containers in the United States and Mexico.
The Phoenix, Arizona-based company posted a net loss of $77.1 million on total operating revenue of $2.15 billion in the nine months ended Sept. 30.
Wal-Mart Stores Inc and its subsidiaries are Swift’s largest customer and accounted for 10.2 pct of revenue in 2009.
Underwriters on the IPO are being led by Morgan Stanley, Bank of AmericaMerrill Lynch and Wells Fargo Securities. The shares are expected to trade on the New York Stock Exchange under the symbol “SWFT.”
Swift founder Jerry Moyes stepped down as chief executive in 2005 after U.S. regulator the Securities and Exchange Commission filed an insider-trading complaint against him in federal court in Arizona.
Moyes settled the SEC investigation and paid about $1.5 million in disgorgement, prejudgment interest and penalties, according to the company’s filing.
Swift said it conducted an independent investigation of purchases of Swift Transportation stock by Moyes and put in place a stricter insider trading policy.
Moyes returned as CEO in 2007, when he took the company private. (Reuters)