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YRC Worldwide launches debt-for-stock swap covering 3 series of notes
On 2:32 pm EST, Monday November 9, 2009
Companies: Yrc Worldwide Inc.
OVERLAND PARK, Kan. (AP) -- YRC Worldwide Inc. said Monday it had begun a swap of stock for $536.8 million in debt, a move designed to put the troubled trucking operator on sounder short-term financial footing.
Related Quotes
Symbol Price Change
YRCW 1.17 -0.05
The company stock plunged last week when it announced plans for the offer, which could sharply reduce the value of current shares.
YRC is trying to avoid a bankruptcy filing, which has been rumored for months as the company struggles with a dramatic downturn in freight shipping during the economic slowdown.
YRC said Monday it launched the offer for 5 percent convertible notes due in 2023, 3.375 percent convertible notes due in 2023, and 8.5 percent guaranteed notes due next April 15, 2010, issued by subsidiary YRC Regional Transportation Inc.
The notes have a combined face value of $536.8 million plus unpaid interest.
The offer will expire at 11:59 p.m. EST on Dec. 7 although the company could extend it.
The company said it launched the exchange offer after several months of discussions with representatives of the note holders.
Rothschild Inc. and Moelis & Co. LLC are lead dealer managers.
YRC, based in Overland Park, operates trucks under the Yellow, Roadway, New Penn and Holland banners.
The company had $1.69 billion in liabilities and $1 billion in assets as of Sept. 30. It has sold real estate, cut thousands of jobs and taken other steps to keep operating. The company lost $158.7 million in the third quarter.
Shares of YRC fell 4 cents, or 3.3 percent, to $1.18 in afternoon trading. They have ranged from 89 cents to $6.26 in the past year.
