YRC Worldwide Closes $300 Mln Debt Reduction

(RTTNews) - YRC Worldwide (YRCW) Friday announced that it has closed a series of transactions that will reduce debt by approximately $300 million.

Out of which, the company sold $250 million of common and preferred stock, the proceeds of which will be used to retire the company's convertible notes, and converted approximately $50 million of convertible notes to common stock

Additionally, the company announced that it amended and extended its pension fund obligations to December 2019 and has satisfied the final conditions to its modified contract with the International Brotherhood of Teamsters.

"We anticipate refinancing our senior debt facilities in mid to late February and by doing so believe we will be able to reduce our interest expense and extend the maturities for five years", said Jamie Pierson, chief financial officer of YRC Worldwide.