M&A within the trucking industry continues to gain momentum even as issuance of convertible bonds, historically a preferred funding vehicle for growth, languishes, echo global logistics, a firm focused on the less-than-truckload segment of the industry, took advantage of anaemia in the latter to leg into its largest acquisition to date by securing US$345m on the two-part sale of convertible bonds (US$200m) and equity (US$145m). Demand for the five-year CB was particularly strong, allowing for both an increase in sizing and pricing well through the aggressive ends of where it was marketed. "The convert market hasn't had much product," said a syndicate source. "It's rare that you'll see a deal upsized by one-third and price through the aggressive ends of talk."
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