Swift Transportation gets debt commitment to back buyout by Moyes

By Sara Rosenberg

New York, Jan. 22 - Swift Transportation Co. Inc. has received a debt financing commitment letter to help back its buyout by Jerry Moyes, the company's largest shareholder, a current director and former chairman of the board and chief executive officer, according to an 8-K filed with the Securities and Exchange Commission Monday.

Morgan Stanley is the lead bank on the debt financing.

Under the acquisition agreement, Moyes and certain of his family members will acquire Swift in an all-cash transaction valued at $2.74 billion, including the assumption of about $332 million of net debt.

The transaction is expected to be completed during the second quarter, subject to review by regulatory agencies under the Hart-Scott-Rodino Antitrust Improvements Act, approval by Swift stockholders, and other customary closing conditions.

Swift is a Phoenix, Ariz., truckload carrier.

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