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CIT Arranges $450MM Financing for LTL Operator - YRC Worldwide

April 02, 2014, 07:00 AM
Filed Under: Trucking

CIT Group announced that it served as Joint Lead Arranger in a $450 million senior secured credit facility for YRC Worldwide, one of the largest less-than-truckload (LTL) operators in North America. LTL carriers collect freight from various shippers and consolidate that freight for delivery. The facility will be used to partially refinance YRC Worldwide’s capital structure.

RBS Citizens Business Capital acted as Lead Arranger and Administrative Agent and CIT Corporate Finance and Bank of America Merrill Lynch served as Joint Lead Arrangers for the transaction. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We are pleased to play a major role in this financing to YRC Worldwide, one of the largest, most comprehensive less-than-full-load trucking company networks in North America,” said Claude Mattessich, Managing Director of CIT Corporate Finance, Commercial & Industrial. “Providing financing to YRC Worldwide not only helps to grow the U.S. economy, it also highlights our ability to support an asset-intensive company with a strong market position that is essential to U.S. commerce.”

Mark Boehmer, Vice President and Treasurer of YRC Worldwide, said, “This transaction allowed us to refinance our existing capital structure and positions us to thrive as we continue to focus on getting back to the fundamentals of LTL transportation and providing the same level of service our customers have grown accustomed to. CIT’s industry expertise, experience and knowledge in our sector were instrumental in completing this financing and we look forward to building our relationship.”

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