Simpson Thacher represented the underwriters, led by joint bookrunning managers Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, in connection with the initial public offering by U.S. Xpress Enterprises, Inc. (“U.S. Xpress”) and certain selling shareholders of an aggregate of 20,764,400 shares (including the full exercise of the option to purchase additional shares) of U.S. Xpress’ Class A common stock at an initial public offering price of $16 per share. U.S. Xpress received approximately $250 million in net proceeds from the offering. U.S. Xpress’ Class A common stock began trading on The New York Stock Exchange under the symbol “USX” on June 14, 2018. The initial public offering closed on June 18, 2018.
U.S. Xpress is the nation's fifth largest asset‐based truckload carrier by revenue, providing services primarily throughout the United States, with a focus in the densely populated and economically diverse eastern half of the United States.
The Simpson Thacher team for this transaction included Art Robinson, David Azarkh and John O’Connell (Capital Markets); Jeanne Annarumma and Adam Cohen (Executive Compensation and Employee Benefits); Joia Lee (Public Company Advisory Practice); Jon Cantor and Jasmine Hay (Tax); Michael Isby (Environmental); Lori Lesser (IP); and Jennie Getsin (FINRA & Blue Sky).