Swift Transportation sets IPO terms

Swift Transportation Co., one of the largest truckload carriers in North America, announced on Tuesday the terms of its long-planned initial public offering, which is expected to raise $943 million.

The Phoenix, Ariz.-based Swift will offer 67.3 million so-called class A shares at a price range of $13 to $15 a share. At the mid point of the proposed range, Swift Transportation will command a market value of $1.8 billion.

In July, Swift announced plans to file a registration statement with the Securities and Exchange Commission for an IPO. Founded in 1966, Swift reported $2.8 billion in sales for the 12 months ended Sept. 30.

The stock will list on the New York Stock Exchange under the symbol SWFT.

Swift was privately held until it went public in 1990. It remained a public company until November 2006 when Jerry Moyes, son of the company's founder, bought out all shares not controlled by the family for $31.55 per share as well as the assumption of $332 million in debt.

Moyes remains the company's chairman and CEO.