Roadrunner announces stock offering

Cudahy-based Roadrunner Transportation Systems Inc. has announced a public offering of 3.5 million shares of common stock, 1.5 million of which will come from the company.

Selling stockholders will contribute 2 million shares, and will grant the underwriters an option to purchase another 525,000 at the same price in the case of over-allotments.

Roadrunner plans to use the net proceeds of the offering to pay off debts related to its revolving line of credit, and for other corporate needs.

The transportation and logistics service provider reported second quarter net income of $13.9 million, up 36.9 percent from 2012, and is expecting third quarter results to outpace the same period last year.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display