Forward Air Raises $925M Through Debt Offering

Forward Air Corp FWRD said GN Bondco, LLC, a Delaware limited liability company and wholly owned subsidiary of Omni Newco, LLC, has commenced a private offering of $925 million of senior secured notes due 2031.

Forward intends to use the notes offering net proceeds, together with its initial borrowings under the new senior secured credit facilities and cash on hand, to pay the cash consideration and any other amounts payable by it in connection with its previously announced combination with Omni, to repay certain existing indebtedness and the transaction costs.

The gross proceeds of the offering of the notes, together with certain additional amounts, will be deposited into an escrow account for the notes pending the consummation of the merger.

Related: Forward Air To Combine With Omni Logistics, Boosting LTL Business

Price Action: FWRD shares are trading higher by 0.79% at $68.98 on the last check Wednesday.