WASHINGTON, D.C. – Holland & Knight LLP today announces the completion of an offering of $320 million of debt securities and warrants by Knoxville, TN based IdleAire Technologies Corporation on December 30, 2005. Holland & Knight LLP represented IdleAire on this Rule 144A transaction.
IdleAire chief executive officer Mike Crabtree noted that the offering will fund the company’s next major growth phase over the next 15 months. Proceeds will fuel the installation of IdleAire’s patented Advanced Truckstop Electrification (ATE™) system in approximately 13,200 parking spaces in approximately 210 locations in up to 35 states.
IdleAire’s ATE™ technology allows drivers of long-haul trucks to obtain HVAC through the ATE™ system and turn off their diesel engines instead of idling for extended periods to heat or cool the cab during daily required rest stops, or while waiting to load or unload. The system provides filtered in-cab heating and air conditioning, and a variety of communications and entertainment options to the truck driver.
The offering team at Holland & Knight was led by Washington, DC-based partner Jane Tam and McLean, VA based partner Mike Mannix, who were supported by partners David Matuszewski, Randy DelFranco, Jim Lurie and Jim Lewis and associates Adam August, Jeff Rubinger and Courtney Kamlet.
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