BB&T Capital Markets Serves as a Senior Co-Manager on Genesee and Wyoming Inc.’s Follow-On Offering

Transaction Summary

BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a short line and regional freight company in the fourth quarter of 2016, helping to raise $300,000,000 in gross proceeds for our client.

The Company intends to use the net proceeds of the offering to fund its acquisition of Pentalver Transport and to repay indebtedness. The Company has granted the underwriters a 30-day option to purchase an additional 600,000 shares at the public offering price to cover over-allotments.

About the Companies

G&W owns or leases 121 freight railroads worldwide that are organized in 10 operating regions with approximately 7,200 employees and more than 2,800 customers. G&W subsidiaries provide rail service at more than 40 major ports in North America, Australia and Europe and perform contract coal loading and railcar switching for industrial customers. 

Logistics & Transportation Services

BB&T Capital Markets' Logistics & Transportation Group provides M&A, capital raising and corporate banking services to companies in the logistics and transportation industry, including third-party logistics providers (freight forwarding, contract warehousing, truck brokerage), trucking (truckload and LTL), marine transportation (inland barge and international shipping), railroads, transportation equipment and waste services. BB&T’s Logistics & Transportation Corporate Banking Team manages in excess of $2.1 billion of assets, comprised by more than 50 industry relationships. The team specializes in delivering corporate finance and equipment finance solutions to industry participants spread across all sectors of the transportation industry.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 11 distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

  • Genesee and Wyoming Inc. (NYSE: GWR)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a short line and regional freight company in the fourth quarter of 2016, helping to raise $300,000,000 in gross proceeds for our client.

    The Company intends to use the net proceeds of the offering to fund its acquisition of Pentalver Transport and to repay indebtedness. The Company has granted the underwriters a 30-day option to purchase an additional 600,000 shares at the public offering price to cover over-allotments.

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  • Ryder System, Inc. (NYSE: R)

    On November 1 2016, BB&T Capital Markets served as a co-manager for a $300 million offering of 2.25% medium-term notes due 2021 by Ryder System, Inc.

    Proceeds from the offering are being used for general corporate purposes.

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  • Westinghouse Air Brake Technologies Corp. (NYSE: WAB)

    On October 31 2016, BB&T Capital Markets served as a co-manager for a $750 million offering of 3.45% senior notes due 2026 by Wabtec Corp.

    Proceeds from the offering are being used to pay part of the cash portion of the acquisition of Faiveley, as well as to refinance Faiveley’s outstanding debt. Any remaining proceeds will be used for general corporate purposes.

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  • Pilot Freight Services

    On October 26, 2016, Pilot Freight Services (“Pilot” or the “Company”) secured a controlling investment from ATL Partners, a leading aerospace, transportation, and logistics-focused private equity firm. BB&T Capital Markets served as the exclusive financial advisor to Pilot.

    Richard Phillips, Chief Executive Officer of Pilot, noted, “Pilot took great care in selecting advisors for this transaction. BB&T brought industry expertise, a deep understanding of Pilot's value, and attention to detail. This transaction is due in large part to their extraordinary efforts.“

    “We appreciate the opportunity to work with the Phillips Family on this important transaction,” said Hugh Rabb, Managing Director and Co-Head of the Logistics & Transportation Group at BB&T Capital Markets. “Rich and the management team have done an amazing job growing the Company and positioning it for long-term success, and we look forward to following Pilot’s continued development as the Company embarks on its new partnership with ATL Partners.”

    “Under the Phillips family’s ownership, the Company has established itself as a premium service provider in the third-party logistics (“3PL”) sector, which continues to be a key focus for our group. We are pleased to have facilitated an excellent outcome for Pilot and its shareholders,” added Keith Prusek, Managing Director and Co-Head of the Logistics & Transportation Group at BB&T Capital Markets.

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  • MetroGistics, LLC

    On September 30, 2016, MetroGistics, LLC (“MetroGistics” or the “Company”), a portfolio company of Corinthian Capital Group (“Corinthian”), was acquired by Tailwind Capital (“Tailwind”).  BB&T Capital Markets served as the exclusive financial advisor to MetroGistics.

    “MetroGistics is the leading non-asset based provider of automotive logistics services and possesses unparalleled technology in the industry.  Co-founders Scott Naz and Bill Billiter have built a tremendous platform with substantial opportunities for growth,” said Hugh Rabb, Managing Director and Co-Head of the Logistics & Transportation Group at BB&T Capital Markets.

    “MetroGistics represents another successful non-asset based third-party logistics (“3PL”) transaction for BB&T, and the 3PL space continues to be a direct focus for us,” added Karl Kirkeby, Senior Vice President in the Logistics & Transportation Group at BB&T Capital Markets.

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  • Golden State Overnight

    On September 30, 2016, Golden State Overnight (“GSO” or the “Company”), a portfolio company of The Halifax Group, was acquired by General Logistics Systems (“GLS”), a subsidiary of Royal Mail plc. BB&T Capital Markets served as financial advisor to GSO.

    “We are thrilled to have represented GSO’s shareholders in this transaction.  As a leader in the overnight delivery industry, GSO represents a compelling platform for Royal Mail to execute its strategic expansion into the U.S.,” said Hugh Rabb, Managing Director and Co-Head of the Logistics & Transportation Group at BB&T Capital Markets.

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  • Seaspan Corporation (NYSE: SSW)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a containership company in the third quarter of 2016, helping to raise $225,000,000 in gross proceeds for our client. The Company will apply to have the Series H perpetual preferred shares listed on the New York Stock Exchange. The completion of this transaction marks BB&TCM’s third capital raise for Seaspan in 2016.

    The Company intends to use the net proceeds of the offering for general corporate purposes, which may include funding acquisitions, funding capital expenditures on existing newbuild vessels and debt repayments.The Company has granted the underwriters a 30-day option to purchase an additional 1,350,000 shares at the public offering price to cover over-allotments.

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  • Span Alaska Transportation LLC

    On August 4, 2016, Span Alaska Transportation LLC (“Span Alaska” or the “Company”), a portfolio company of Evergreen Pacific Partners (“EPP”), was acquired by Matson Logistics.  BB&T Capital Markets served as the exclusive financial advisor to Span Alaska and its shareholders.

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  • St. George Logistics

    On July 22, 2016, St. George Warehousing & Trucking Co. of California, Inc. (“STG” or the “Company”), a portfolio company of LongueVue Capital, Long Point Capital, and Ironwood Capital, was acquired by Wind Point Partners (“WPP”).  BB&T Capital Markets served as the exclusive financial advisor to STG and its shareholders.

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  • Seaspan Corporation (NYSE: SSW)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a containership company in the second quarter of 2016, helping to raise $115,000,000 in gross proceeds for our client. The Company has applied to have the Series G perpetual preferred shares listed on the New York Stock Exchange.

    The Company intends to use the net proceeds of the offering for general corporate purposes, which may include funding acquisitions, funding capital expenditures on existing newbuild vessels and debt repayments. Total gross proceeds includes the full exercise of the over-allotment option, through which the underwriters purchased an additional 600,000 shares.

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  • Seaspan Corporation (NYSE: SSW)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a containership company in the second quarter of 2016, helping to raise $84,525,000 in gross proceeds for our client.

    The Company intends to use the net proceeds of this offering to call a portion of its 9.5% perpetual preferred shares and for general corporate purposes. Total gross proceeds includes the full exercise of the over-allotment option, through which they purchased an additional 810,000 shares.

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  • Consolidated Aviation Services, LLC

    On February 29, 2016, Consolidated Aviation Services, LLC (“CAS” or the “Company”), a portfolio company of ICV Partners (“ICV”), was acquired by Worldwide Flight Services, Inc. (“WFS”), a portfolio company of Platinum Equity (“Platinum”). BB&T Capital Markets served as the lead financial advisor to CAS.

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  • Ryder System, Inc. (NYSE: R)

    On February 17, 2016, BB&T Capital Markets served as a co-manager for a $300 million offering of 3.45% senior unsecured notes due in 2021 by Ryder System, Inc. Proceeds from the offering were used for general corporate purposes.

    Read More
  • Ryder System, Inc. (NYSE: R)

     

    On August 17, 2015, BB&T Capital Markets served as a co-manager for a $300 million offering of 2.875% senior unsecured notes due in 2020 by Ryder System, Inc. Proceeds from the offering were used for general corporate purposes.

    

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  • Hallcon Corporation

    On August 4, 2015, Southfield Capital, a leading lower middle market private equity firm, completed the sale of Hallcon Corporation (“Hallcon”) to NOVACAP.  BB&T Capital Markets served as the co-financial advisor to Hallcon.

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  • J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT)

    On August 3, 2015, BB&T Capital Markets served as a  co-manager for a $350 million offering of 3.30% notes due 2022 by J.B. Hunt Transport Services, Inc. Proceeds from this offering are being used to repay maturing bond issues and to pay down amounts outstanding on the company’s revolving credit facility.

    

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  • Radiant Logistics, Inc. (NYSE: RLGT)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a global logistics and transportation provider in the third quarter of 2015, helping to raise over $51 million for our client.

    The Company intends to use the net proceeds from this offering for repayment of indebtedness under its revolving credit facility, as well as general corporate purposes. Total gross proceeds include the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,000,000 shares.

    

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  • XPO Logistics, Inc. (NYSE: XPO)

    On June 4, 2015, BB&T Capital Markets served as a  co-manager for a $1.6 billion offering of 6.50% senior notes due 2022 by XPO Logistics, Inc. Proceeds from this offering are being used to finance the purchase price for acquisitions and to repay existing indebtedness of the acquisition targets.

    

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  • Bridge Terminal Transport Services, Inc.

    On June 1, 2015, Bridge Terminal Transport Services, Inc. (“BTT"), a portfolio company of Platinum Equity, was acquired by XPO Logistics, Inc. (“XPO") for $100 million. The addition of BTT nearly triples XPO’s drayage capacity to over 2,000 independent owner operators and significantly expands XPO’s drayage capacity on the East Coast.  BB&T Capital Markets served as the exclusive financial advisor to BTT. 

    

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  • Atlas Air Worldwide Holdings, Inc. (NASDAQ GS: AAWW)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a leading global airfreight provider in the second quarter of 2015, helping to raise $200 million for our client.

    The Company intends to use the net proceeds of the offering primarily to refinance certain equipment notes, to fund the cost of the convertible note hedge transactions, for working capital and capital expenditures, repayment or refinancing of debt, and for general corporate purposes. The Company has granted the underwriters a 13-day option to purchase an additional $30 million aggregate principal amount of notes from the company, solely to cover over-allotments.

    

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  • Ryder System, Inc. (NYSE: R)

    On May 4, 2015, BB&T Capital Markets served as a co-manager for a $300 million offering of 2.50% senior unsecured notes due in 2020 by Ryder System, Inc. Proceeds from the offering were used for general corporate purposes.

    

    Read More
  • Echo Global Logistics, Inc. (NASDAQ GS: ECHO)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a leading U.S. logistics services provider in the second quarter of 2015, helping to raise $145 million for our client.

    The Company intends to use the net proceeds from this offering along with a concurrent convertible notes offering to finance the acquisition of Command Transportation, LLC. The Company has granted the underwriters a 30-day option to purchase an additional 750,000 shares at the public offering price to cover over-allotments, if any.

    

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  • Heartland Express, Inc. (NASDAQ GS: HTLD)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a leading U.S. transportation provider in the first quarter of 2015, helping to raise over $88 million for our client’s selling shareholders.

    The Company will not receive any proceeds from this transaction. All gross proceeds will be delivered to the selling shareholder, the Gerdin Family Trust. Total gross proceeds include the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 487,500 shares.

    

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  • Express Courier International, Inc.

    On December 23, 2014, Express Courier International, Inc. ("ECI"), a portfolio company of The Riverside Company ("Riverside"), was acquired by Lone Star Holdings, LLC ("LSO"), a portfolio of Eagle Merchant Partners ("EMP"). The combination of the two businesses creates a super-regional parcel carrier providing an unmatched portfolio of customized shipping solutions now spanning across 13 states throughout the southeast and southwest of the United States. LSO and ECI will provide customers with a unique regional solution through a service offering that includes a combination of on-demand, scheduled/routed, distribution, warehousing and day-definite guaranteed products. BB&T Capital Markets served as the exclusive financial advisor to ECI.

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  • Covenant Transportation Group, Inc. (NASDAQ GS: CVTI)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a leading U.S. transportation provider in the fourth quarter of 2014, helping to raise over $65 million for our client. The Company intends to use the net proceeds from this offering for repayment of indebtedness under its equipment installment notes and capital lease obligations, as well as general corporate purposes. Total gross proceeds include the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 396,000 shares.

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  • Scorpio Tankers Inc. (NYSE: STNG)

    BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for an international tanking company in the fourth quarter of 2014, helping to raise $45,000,000 in gross proceeds for our client. The Company has applied the fixed-rate, senior notes (“Notes”) for listing on the NYSE to trade under the symbol “SBNB.” The Company intends to use the net proceeds from this offering for general corporate purposes and working capital, which may include the acquisition of additional new or secondhand vessels. The Company has granted the underwriters an option to purchase up to an additional $6,750,000 aggregate principal of the Notes.

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  • A&S Services Group, LLC

    On October 24, 2014, A&S Services Group, LLC, and its related companies (“A&S Kinard” or the “Company”), a portfolio company of Larsen MacColl Partners (“LMP”), was acquired by Celadon Group Inc. (“Celadon”). BB&T Capital Markets served as the exclusive financial advisor to A&S Kinard.

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  • Scorpio Bulkers Inc. (NYSE: SALT)

    BB&T Capital Markets’ Logistics & Transportation Group completed its 4th transaction in the shipping industry in 2014, helping to raise over $480 million in total capital for our clients. We look forward to continuing our long-term partnerships with existing clients and to developing new relationships within the logistics & transportation sector. Proceeds of the $65 million offering will be used to fund installment payments due under its newbuilding program, as well as general corporate purposes and working capital. Additionally, Scorpio has granted the underwriters an option to purchase an additional $9.75 million in aggregate principal amount of notes. The Company has applied to list the senior unsecured notes on the NYSE to trade under the symbol “SLTB.”

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  • XPO Logistics, Inc.

    On August 14, 2014, BB&T Capital Markets served as a co-manager for a $500 million offering of senior notes due 2019. The notes bear a coupon of 7.875%. Proceeds from the offering are to be used for XPO’s acquisition of New Breed Holding Co.

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  • LSO

    On April 8, 2014, LSO (“the Company”), a portfolio company of Fort Point Capital, MRL Capital, New Canaan Funding, and Pilgrim Capital, was acquired by Eagle Merchant Partners (“EMP”).  BB&T Capital Markets served as the exclusive financial advisor to LSO.

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  • XPO Logistics

    XPO Logistics, Inc. (NYSE: XPO) has announced the closing of a registered public offering of 15,000,000 shares of its common stock at a price of $25.00 per share. XPO has granted the underwriters in the offering a 30-day option to purchase up to an additional 2,250,000 shares of its common stock. XPO received approximately $360 million in net proceeds from the offering after underwriting discounts and estimated expenses. XPO intends to use the net proceeds of the offering, together with cash on hand, to finance the cash portion of the purchase price for its previously announced acquisition of Pacer International, Inc., to pay related fees and expenses, and for general corporate purposes, which may include strategic acquisitions and the repayment or refinancing of outstanding indebtedness.

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  • Wabtec Corp.

    On August 5, 2013, BB&T Capital Markets served as a co-manager for a $250 million offering of 4.375% ten-year senior notes by Wabtec Corp. Proceeds from the offering are being used to repay a portion of outstanding borrowings under the company’s revolving credit facility. The transaction represents the first debt deal to which BB&T Capital Markets has been invited by Wabtec.

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    A&R Logistics, Inc.

    On December 18, 2012, Mason Wells completed the acquisition of A&R Logistics, Inc. ("A&R"), from FdG Associates. Joining Mason Wells in the acquisition are industry executives and investors Mark Holden and Rich Mitchell and members of the existing A&R management team. BB&T Capital Markets served as financial advisor to A&R.

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    Network Global Logistics, LLC

    On July 17, 2012, Quad-C Management, Inc., completed the acquisition of Network Global Logistics, LLC ("NGL"), from Endeavour Capital. The existing management team of NGL participated in the recapitalization and will continue in their current operating roles. BB&T Capital Markets served as the exclusive financial advisor to NGL.

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