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Bloomberg: YRC Worldwide to Seek $1.15B Refinance

January 08, 2014, 06:30 AM
Filed Under: Trucking

Bloomberg reports that YRC Worldwide Inc., a U.S. trucking company that averted bankruptcy in 2011, is seeking $1.15 billion in loans to refinance debt, according to a person with knowledge of the transaction.

According to the Bloomberg report, Credit Suisse Group AG is leading the deal, which includes a $700 million term loan and a $450 million asset-backed portion, both due in five years, said the person, who asked not to be identified without authorization to speak publicly.

Bloomberg reports YRC is rushing to complete the refinancing before a $69.4 million bond matures on Feb. 15 and that YRC, which has posted annual losses since 2007, reached an agreement in December with creditors and some investors to reduce debt by $300 million.

To read the full Bloomberg news story, click here.

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