SAN MATEO, Calif., May 13 /CHICAGOPRESSRELEASE.COM/ — Con-way Inc. (NYSE: CNW) today announced that it has priced its offering of 4,300,000 shares of its common stock at a public offering price of $35.00 per share. The underwriters of the offering also have a 30-day option to purchase up to 645,000 additional shares of common stock to cover over-allotments, if any, from the Company at the public offering price less the underwriting discount.
Upon closing of the offering, which the Company expects will be on May 19, 2010, and which is subject to satisfaction of various customary closing conditions, the Company will receive net proceeds of approximately $143.7 million, assuming no exercise of the underwriters’ option to purchase additional shares to cover over-allotments, if any. The Company intends to use the net proceeds from the offering for general corporate purposes including, but not limited to, working capital requirements and capital expenditures.
Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. are serving as the joint bookrunning managers for the offering.
The offering is being made solely by means of a prospectus supplement to the prospectus included in an effective shelf registration statement on Form S-3 filed by the Company with the Securities and Exchange Commission on May 12, 2010. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained from Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at email@example.com; or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at firstname.lastname@example.org.
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in the Company’s SEC filings, including the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Except as may be required by law, the Company does not undertake to address or update forward-looking statements in future filings or communications regarding its business or operating results, and does not undertake to address how any of these risk factors may have caused results to differ from discussions or information contained in previous filings or communications.
About Con-way — Con-way Inc. (NYSE: CNW) is a $4.3 billion freight transportation and logistics services company headquartered in San Mateo, Calif. A diversified transportation company, Con-way delivers industry-leading services through three primary operating companies: Con-way Freight, Con-way Truckload and Menlo Worldwide Logistics. These operating units provide high-performance, day-definite less-than-truckload and full truckload freight transportation, as well as logistics, warehousing and supply chain management services, and trailer manufacturing. Con-way Inc. and its subsidiaries operate from more than 500 locations across North America and in 20 countries.
SOURCE Con-way Inc.