Roadrunner Transportation Systems, Inc.’s $450 Million Rights Offering


Shearman & Sterling represented Barclays Capital Inc., as dealer manager, in connection with Roadrunner Transportation Systems’ $450 million rights offering.

At closing, Roadrunner sold and issued 900 million new shares of common stock at a subscription price of $0.50 per share. The rights offering was fully backstopped by funds affiliated with Elliott Management Corporation.

The proceeds from the rights offering and backstop commitment were used to fully redeem Roadrunner’s outstanding shares of its preferred stock, pay related accrued and unpaid dividends and pay fees and expenses in connection with the rights offering and backstop commitment. The remaining proceeds will be used for general corporate purposes.

Roadrunner is a leading asset-right transportation and asset-light logistics provider offering a full suite of services and solutions under the Roadrunner®, Active On-Demand® and Ascent Global Logistics® brands. The Roadrunner® brand offers less-than-truckload, over-the-road truckload and intermodal services. Active On-Demand® offers premium mission critical air and ground logistics solutions. Ascent Global Logistics® offers domestic freight management, retail consolidation, international freight forwarding and customs brokerage.

Shearman & Sterling represented Barclays Capital Inc. with a team including Harald Halbhuber (Picture), Merritt Johnson, Robert Katz, Erika Kent, Charles Zamiskie, Russell Sacks, Kristen Garry, Doreen E. Lilienfeld, Jennifer D. Morton, Yaw Asare, Jenny Ding Jordan, P. Sean Kelly, Daniel Kachmar and Y. Jingjing Liang

Involved fees earner: Yaw Asare – Shearman & Sterling; Jenny Ding Jordan – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Harald Halbhuber – Shearman & Sterling; Merritt Johnson – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Robert Katz – Shearman & Sterling; Sean Kelly – Shearman & Sterling; Erika Kent – Shearman & Sterling; Jingjing Liang – Shearman & Sterling; Doreen Lilienfeld – Shearman & Sterling; Jennifer Morton – Shearman & Sterling; Russell Sacks – Shearman & Sterling; Charles Zamiskie – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Barclays Capital ;

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Author: Ambrogio Visconti