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Pacer International Inc. June 11 began a $210 million initial public offering of 14 million shares. The company plans to use proceeds for general corporate purposes and to repay debt.
Of the shares offered, 9,250,000 are being sold by Pacer and 4,750,000 by certain institutional stockholders. Price per share was set at $15 — the low end of analysts' expected range of $15 to $17 per share.
Pacer plans June 13 to begin listing its shares on NASDAQ under the symbol PACR.
Credit Suisse First Boston Corp. and Bear Stearns Cos. are the IPO's lead underwriters, with Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., UBS Warburg LLC and BB&T Capital Markets acting as co-managers.
Owned and operated by APL Ltd. since its 1984 inception, Pacer in 1998 filed a $19 million IPO — prior to reorganizing in 1999 to become an independent company — but later cancelled the offering because company officials believed market conditions were unfavorable.