Swift Holdings launches $300 million mandatory exchangeables to yield 6%-6.5%, up 17.5%-22.5%

By Rebecca Melvin

New York, Nov. 30 - Swift Holdings Corp. plans to price $300 million of trust-issued mandatory common exchange securities in a Rule 144A offering that was talked to yield 6% to 6.5% with an initial conversion premium of 17.5% to 22.5%, according to a market source.

The three-year mandatories have a 15% greenshoe, and the deal is coming concurrently with an initial public offering of 67.325 million shares of common stock.

Pricing is expected Dec. 14 via bookrunners Morgan Stanley & Co. Inc., Bank of America Merrill Lynch and Wells Fargo Securities.

Proceeds will be used to purchase a portfolio of stripped U.S. Treasury securities and to pay the purchase price to the sellers under the stock purchase contracts.

The sellers are Jerry and Vickie Moyes, the Jerry and Vickie Moyes Family Trust dated Dec. 11, 1987, the Todd Moyes Trust dated April 27, 2007, the Lyndee Moyes Nester Trust dated April 27, 2007, the Marti Lyn Moyes Trust dated April 27, 2007 and the Michael J. Moyes Trust dated April 27, 2007.

Swift is a Phoenix-based transportation services company and truckload carrier.

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