RANCHO DOMINGUEZ, Calif., Dec. 13, 2002 (PRIMEZONE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced the pricing of a follow-on public offering of 5,000,000 of its ordinary shares at $23.00 per share before underwriting discounts and commissions. UTi is newly issuing 4,000,000 ordinary shares, and an existing shareholder of the company is selling 1,000,000 previously issued and outstanding ordinary shares. The net proceeds of the offering to UTi are intended to be used to repay indebtedness and for general corporate purposes.
Bear, Stearns & Co. Inc is acting as the lead managing underwriter of the offering. Other managing underwriters are JPMorgan, BB&T Capital Markets and Lazard. UTi and the selling shareholder have granted the underwriters a 30-day option to purchase up to an additional 750,000 ordinary shares to cover over-allotments, if any.
A registration statement relating to these securities was filed by the company with, and has been declared effective by, the Securities and Exchange Commission. A copy of the final prospectus relating to the offering may be obtained by contacting Bear, Stearns & Co. Inc., 383 Madison Avenue, New York, NY 10179, (212) 272-2000.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About UTi Worldwide
UTi Worldwide Inc. is an international, non-asset based supply chain management company providing air and ocean freight forwarding, contract logistics, customs brokerage and other logistics-related services. The company serves a large and diverse base of global and local companies, including customers operating in industries with unique supply chain requirements such as the pharmaceutical, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers and expertise in outsourced logistics services to optimize the operation of its customers' global supply chains.