Covenant completes public stock offering
Nov 14, 2003 12:00 PM, from staff and wire reports
Covenant Transport Inc, the Chattanooga TN-based truckload carrier, completed a public offering November 13, 2003, by certain stockholders of 2,000,000 shares of its Class A common stock at $19.50 per share.Of these shares, 1,000,000 shares were sold by David R and Jacqueline F Parker, and 1,000,000 shares were sold by the Estate of Clyde M Fuller. The Parkers are the principal stockholders of Covenant, and David Parker is the chairman, president, and chief executive officer. Fuller was his stepfather and a significant stockholder of the company.
The Parkers have granted the underwriters a 30-day option to purchase up to 300,000 shares of common stock to cover overallotments. The selling stockholders received all the net proceeds of the offering and will receive all net proceeds should the underwriters exercise their overallotment option.
Bear, Stearns & Co Inc led the underwriting group that included Stephens Inc and BB&T Capital Markets.
