TFI International’s $230 Million Initial Public Offering

Stikeman Elliott, on Canadian law, and Davis Polk, on United States law, advised the lead book-running managers in connection with the initial U.S. public offering.

TFI International, Inc. completed the initial U.S. public offering of 6,000,000 common shares. In addition, the underwriters have exercised an option to purchase an additional 900,000 common shares.

Aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses payable by TFI, were approximately $230 million. TFI’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “TFII.”

Based in Montreal, Quebec, TFI is one of the largest trucking and logistics companies in North America with significant presence across both the United States and Canada. TFI operates an “Asset-Right” model, which combines company-owned equipment with asset-light operations, including logistics, package and courier, brokerage and intermodal offerings.

Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, UBS Securities LLC, Cowen and Company, LLC, National Bank Financial Inc, Stephens Inc., Stifel, Nicolaus & Company, Incorporated, and WR Securities, LLC acted as underwriters for the offering.

The Davis Polk capital markets team included partner Michael Kaplan (Picture), counsel Jeffrey S. Ramsay and associates Stephen A. Byeff, Ryan Lewis and Claudia Carvajal Lopez. Partner Mario J. Verdolini and associate Tomislava Dragicevic provided tax advice. Counsel David A. Zilberberg provided environmental advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Stephen Byeff – Davis Polk & Wardwell; Claudia Carvajal Lopez – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Ryan Lewis – Davis Polk & Wardwell; Jeffrey Ramsay – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Cowen and Company; Credit Suisse Securities (USA) LLC; J.P. Morgan Securities LLC; Morgan Stanley; National Bank of Canada Financial Inc.; RBC Capital Markets; Stephens Inc.; Stifel, Nicolaus & Company, Incorporated; UBS Securities LLC; WR Securities LLC ;