New York, Sept. 17 - Vitran Corp. Inc. said it has agreed a private placement under which it will sell approximately 2.7 million shares at $8.50 each to qualified investors.
Proceeds to the company after costs and expenses will be $21.4 million.
Vitran will use the funds raised to repay $7.5 million of its syndicated term debt. The remainder will be used to repay revolving debt, giving Vitran "added flexibility to execute its operating and capital initiatives."
Settlement is scheduled for Sept. 21.
Vitran is a Toronto-based transportation company.
| Issuer: | Vitran Corp. Inc.
|
| Issue: | Common stock
|
| Shares: | 2.7 million
|
| Price: | $8.50
|
| Warrants: | No
|
| Announcement date: | Sept. 17
|
| Settlement: | Sept. 21
|
| Stock symbol: | Nasdaq: VTNC
|
| Stock price: | $10.16 at close Sept. 17
|
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