Radiant Logistics to issue $20 million series A cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Dec. 9 - Radiant Logistics Inc. will price $20 million of series A cumulative redeemable preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

The company initially registered the shares in an S-1 registration statement filed with the SEC on Oct. 30.

Sterne Agee & Leach, Inc. and Janney Montgomery Scott LLC are the joint bookrunning managers. National Securities Corp. is the co-manager.

As previously reported, the company will pay dividends on the preferreds on the last day of January, April, July and October. The preferreds become callable in 2018 at par plus accrued dividends.

Should the company miss two dividend payments, consecutive or not, the dividend will increase by 2%, up to a maximum of 19%. Once the company has paid out two consecutive dividends, the rate will reset to the original amount.

Radiant will apply to list the preferreds on the New York Stock Exchange.

Proceeds will be used primarily to retire the outstanding balance owed under the senior subordinated notes issued to Caltius and to reduce the amount outstanding under a $30 million credit facility with Bank of America Corp.

Radiant is a Bellevue, Wash.-based non-asset based transportation and logistics services company providing domestic and international freight forwarding services.

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