Swift Transportation uses term loan to redeem all 10% secured notes

By Jennifer Chiou

New York, Nov. 19 – Swift Transportation Co. redeemed in full the remaining $428.1 million face value of its 10% senior secured second-priority notes due 2018, primarily funded with the proceeds from its delayed draw first-lien term loan A, according to an 8-K filing with the Securities and Exchange Commission.

The company said it paid 105% of the face value plus accrued interest to the call date of Nov. 15.

The filing stated that this redemption was the final transaction in a series of refinancing moves during 2014 that significantly reduced Swift’s average cost of debt.

The issuer is a Phoenix-based transportation services company.

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