Forward Air Raises $925M Through Debt Offering
Portfolio Pulse from Shivani Kumaresan
Forward Air Corp (FWRD) has raised $925 million through a private offering of senior secured notes due 2031. The proceeds will be used to pay for its combination with Omni, repay certain existing debts, and cover transaction costs. The gross proceeds will be deposited into an escrow account pending the merger's completion. FWRD shares are trading higher by 0.79% at $68.98.
September 20, 2023 | 2:57 pm
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POSITIVE IMPACT
Forward Air Corp's successful debt offering of $925M is expected to fund its merger with Omni and repay debts. This has led to a 0.79% increase in its share price.
The successful debt offering indicates Forward Air Corp's strong financial position and its ability to raise funds for strategic moves such as the merger with Omni. This has likely boosted investor confidence, leading to a rise in the share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100