Covenant Transportation Group, Inc. (Nasdaq:CVTI) on Wednesday announced that it has upsized and priced its previously announced public offering of its Class A common stock.
The company has priced its offering of 2,640,000 shares of its Class A common stock at $22.00 per share. The offering was upsized from the previously announced 2,200,000 shares of Class A common stock. The Company intends to use the net proceeds from this offering, including any proceeds from the over-allotment option described below, to repay outstanding indebtedness and for offering expenses. The offering is expected to close on or about November 25, 2014, subject to customary closing conditions. The underwriters have a 30-day option to purchase up to an additional 396,000 shares of the company's Class A common stock at the offering price.
Stephens Inc. and BB&T Capital Markets are serving as the joint book-running managers for the offering. Avondale Partners, Cowen and Company, and Wolfe Research Securities are serving as co-managing underwriters for the offering. The shares are being offered pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained from the offices of Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attn: Prospectus Department, by emailing a request to prospectus@stephens.com or by calling (501) 377-2131. Electronic copies of these documents will be available on the Securities and Exchange Commission's website at www.sec.gov.
Scudder Law Firm, P.C., L.L.O. is acting as legal counsel to the Company, and Vinson & Elkins LLP is acting as legal counsel to the underwriters, in connection with the offering.