PR: TFI International closes $219m public offering

17/08/2020

PRESS RELEASE

Underwriters exercise over-allotment option in full

Montreal, Quebec, August 17, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the closing of its previously-announced marketed offering of common shares in the United States and Canada. TFI International issued a total of 5,060,000 shares, including 660,000 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price of US $43.25 per share, the equivalent of CAD $57.32 per share based on the Bank of Canada exchange rate at the time of pricing, for gross proceeds to TFI International of US $218,845,000 (approximately CAD $290 million).

TFI International expects to use the net proceeds from the offering for working capital and to reduce the amount outstanding under one of its credit facilities, thereby increasing the amount available under the credit facility for future use by TFI International. TFI International may use the credit facility in the future for general corporate purposes, including acquisitions.

The public offering was conducted through a syndicate of underwriters led by Morgan Stanley, BofA Securities, Credit Suisse, Goldman Sachs & Co. LLC and J.P. Morgan, as joint lead book-running managers, with RBC Capital Markets and UBS Investment Bank as joint-bookrunners and Cowen, National Bank of Canada Financial Inc., Stephens Inc., Stifel and Wolfe Capital Markets and Advisory as co-managers.

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