Key Developments For Universal Truckload Services, Inc.
Universal Truckload Services, Inc. (UACL.O) (Nasdaq)
Pacer International, Inc. Closes Sale Of Specialized, Heavy-Haul Trucking Operation To Subsidiaries Of Universal Truckload Services, Inc.
Pacer International, Inc. announced that it has closed the previously announced sale of certain assets of its specialized heavy-haul trucking operation to subsidiaries of Universal Truckload Services, Inc. (UTSI) on August 17, 2009. In connection with the transaction, subsidiaries of UTSI assumed the real property leases and equipment leases for tractors and trailers used in the operation as well as various customer, agent and other contracts for a purchase price of approximately $2.0 million. Pacer retained the rights to all receivables generated by this trucking operation through the closing date. As a intermodal and trucking services provider in North America, Pacer will continue to provide all its established highway and intermodal services as part of the company's integrated operations. Pacer plans to use the services of UTSI for seamless heavy-haul highway transport when appropriate.
Pacer International, Inc. Enters Into an agreement with Universal Truckload Services, Inc. And UTS Leasing, Inc. To Sell Certain Assets
Pacer International, Inc. announced that it has entered into an agreement with Universal Truckload Services, Inc. and UTS Leasing, Inc. (collectively, UTSI) to sell certain assets. These assets include customer, contractor and agent lists, and owned trailers of Pacer Transport, its specialized heavy-haul trucking operation. In connection with its purchase of these assets, UTSI will also assume, subject to receipt of appropriate consents, two real property leases and equipment leases for tractors and trailers used in the operation. The closing is expected to occur in August. Pacer will retain rights to all receivables generated by this trucking operation through the closing date.
Universal Truckload Services, Inc. Declares Dividend
Universal Truckload Services, Inc. announced that its Board of Directors has approved a one-time cash dividend of $1.00 per share. The dividend is payable on March 20, 2009 to stockholders of record at the close of business on March 7, 2009.
Universal Truckload Services, Inc. Announces Acquisition Of Noble & Pitts, Inc.
Universal Truckload Services, Inc. announced that it has acquired the operations of Noble & Pitts, Inc. of Scottsboro, AL. Noble & Pitts is a truckload carrier providing dry van, flatbed and brokerage services throughout the United States. Noble & Pitts will operate as part of Universal's Mason & Dixon Lines subsidiary. Terms of the acquisition were not disclosed.
Universal Truckload Services, Inc. Announces Pricing of its Initial Public Offering of Common Stock
Universal Truckload Services, Inc. announced the pricing of its initial public offering of 5,300,000 shares of common stock at a price to the public of $20.00 per share. All of the shares sold in the offering are being offered by the Company. The shares are expected to begin trading on the NASDAQ market under the ticker symbol UACL. The Company has granted the underwriters the right to purchase up to an additional 795,000 shares to cover over-allotments at the initial public offering price. Stephens Inc. is acting as sole book-running manager of the underwriting syndicate.
