CNF Transportation Inc. prices convertible securities offering.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--June 6, 1997--CNF Transportation Inc. announced today that it has priced a public offering of $2.50 Term Convertible Securities (TECONS), Series A, at $50 per security. The size of the offering will be 2.2 million securities. The value of the offering will be $110 million. CNF CNF Configuration (File Name Extension) CNF Conference CNF Conjunctive Normal Form CNF Could Not Find CNF Chin National Front (Burma) CNF Canadian Nature Federation CNF Cornell NanoScale Facility Transportation intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to fund initial costs associated with a recently awarded 58-month, $1.7 billion phase-one contract from the U.S. Postal Service The U.S. Postal Service (USPS) processes and delivers mail to individuals and businesses within the United States. The service seeks to improve its performance through the development of efficient mail-handling systems and operates its own planning and engineering programs. to transport and sort Priority Mail, primarily on the East Coast. These include the costs to purchase tractors and trailing equipment and to lease or acquire, improve and equip 10 Priority Mail processing centers to be operated under the contract. Remaining proceeds, if any, will be used for other general corporate purposes. The offering is expected to close on June 11, 1997. Distributions on the securities will be payable quarterly at the annual rate of $2.50 per security. Each security will be convertible at the option of the holder into common shares of CNF Transportation at the rate of 1.25 per security (equivalent to a conversion price of $40.00 per CNF Transportation common share), subject to adjustment in certain circumstances. More information about this offering is contained in a prospectus supplement filed with the Securities and Exchange Commission. Copies of the prospectus supplement may be obtained by contacting Daniel Boncic, J.P. Morgan & Co., 60 Wall Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10260. The underwriter group for these securities was led by J.P. Morgan & Co. and joined by Goldman, Sachs & Co. and Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. CNF Transportation Inc. is a $4 billion diversified transportation company with businesses in regional trucking (Con-Way Transportation Services); domestic and international air freight (Emery Worldwide); global logistics management (Menlo Logistics); trailer manufacturing (Road Systems) and wholesale truck part sales (Vantage Parts). CONTACT: CNF Transportation Inc. James R. Allen General James R. Allen (born 1925) was commander in chief of the Military Airlift Command, with headquarters at Scott Air Force Base, Illinois, and the seventh Superintendent of the United States Air Force Academy. , 415/494-2900 |
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