Integrated Rail and Resources Acquisition, a blank check company formed by Rio Grande Pacific Corporation and DHIP Group, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors had indicated on $200 million worth of units in the offering (100% of the deal).
The company is led by CEO and Chairman Richard Bertel, the co-founder and CEO of integrated railroad and railroad-services provider Rio Grande Pacific Corporation, and COO and Vice Chairman Mark Michel, a Managing Partner at independent infrastructure fund manager DHIP Group where he leads the infrastructure line of business.
The company plans to target North American railroad companies that transport bulk commodities, terminal companies that transload bulk commodities to and from railroads and pipelines, trucks, and ports, the companies that produce bulk commodities moved by railroads in large volumes, and the rail cars that are used to transport bulk commodities.
Integrated Rail and Resources Acquisition plans to list on the NYSE under the symbol IRRXU. Stifel acted as sole bookrunner on the deal.
