YRC Worldwide Extends Maturity of CDA Notes
January 31 2018 - 8:45AM
YRC Worldwide Inc. (NASDAQ:YRCW) announced that it has extended the
maturity of its contribution deferral agreement (CDA) notes from
December 2019 to December 2022. As part of the extension, the
Company paid $25 million that reduced the outstanding principal of
the notes to $75.1 million. The agreement to extend also includes
an annual principal payment of 2%. In connection with the CDA
amendment, the Company amended its asset-based loan (ABL) agreement
to, among other things, allow for the CDA refinancing.
“The extension of the CDA notes completes our
efforts to extend the key components of our capital structure,
including the Term Loan Credit Agreement and the ABL Facility,”
said Stephanie Fisher, chief financial officer of YRC Worldwide.
“This is a significant milestone and it provides additional runway
to continue our operational transformation. I would like to thank
our lenders for their support as we position the Company for
long-term growth,” concluded Fisher.
Fourth Quarter 2017 Earnings Conference
Call
On Thursday, February 1, 2018, at 4:30 p.m. ET,
company executives will host a conference call with the investment
community to discuss fourth quarter 2017 and year-end 2017
financial results. The financial results will be released the same
day, February 1, 2018, following the close of the market.
The call will be webcast and can be accessed
live or as a replay via YRC Worldwide’s website www.yrcw.com.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Words such as “will,”
“expect,” “intend,” “anticipate,” “believe,” “could,” “would,”
“should,” “may,” “project,” “forecast,” “propose,” “plan,”
“designed,” “enable,” and similar expressions which speak only as
of the date the statement was made are intended to identify
forward-looking statements. Forward-looking statements are
inherently uncertain, are based upon current beliefs, assumptions
and expectations of Company management and current market
conditions, and are subject to significant business, economic,
competitive, regulatory and other risks, uncertainties and
contingencies, known and unknown, many of which are beyond our
control. Our future financial condition and results could differ
materially from those predicted in such forward-looking statements
because of a number of factors, including (without limitation):
general economic factors; business risks and increasing costs
associated with the transportation industry; competition and
competitive pressure on pricing; the risk of labor disruptions or
stoppages; increasing pension expense and funding obligations;
increasing costs relating to our self-insurance claims expenses;
our ability to finance the maintenance, acquisition and replacement
of revenue equipment and other necessary capital expenditures; our
ability to comply and the cost of compliance with, or liability
resulting from violation of, federal, state, local and foreign laws
and regulations; impediments to our operations and business
resulting from anti-terrorism measures; the impact of claims and
litigation expense to which we are or may become exposed; failure
to realize the expected benefits and costs savings from our
performance and operational improvement initiatives; our ability to
attract and retain qualified drivers and increasing costs of driver
compensation; privacy breach or IT system disruption; risks of
operating in foreign countries; our dependence on key employees;
seasonality; changes in the cost of fuel or the index upon which we
base our fuel surcharge and the effectiveness of our fuel surcharge
program in protecting us against fuel price volatility; our ability
to generate sufficient liquidity to satisfy our cash needs and
future cash commitments, including (without limitation) our
obligations related to our indebtedness and lease and pension
funding requirements, and our ability to achieve increased cash
flows through improvement in operations; limitations on our
operations, our financing opportunities, potential strategic
transactions, acquisitions or dispositions resulting from
restrictive covenants in the documents governing our existing and
future indebtedness; our failure to comply with the covenants in
the documents governing our existing and future indebtedness;
fluctuations in the price of our common stock; dilution from future
issuances of our common stock; our intention not to pay dividends
on our common stock; that we have the ability to issue preferred
stock that may adversely affect the rights of holders of our common
stock; and other risks and contingencies, including (without
limitation) the risk factors that are included in our reports filed
with the SEC, including those described under “Risk Factors” in our
annual report on Form 10-K and quarterly reports on Form 10-Q.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland
Park, Kan., is the holding company for a portfolio of
less-than-truckload (LTL) companies including YRC Freight, YRC
Reimer, Holland, Reddaway, and New Penn. Collectively, YRC
Worldwide companies have one of the largest, most comprehensive LTL
networks in North America with local, regional, national and
international capabilities. Through their teams of experienced
service professionals, YRC Worldwide companies offer
industry-leading expertise in flexible supply chain solutions,
ensuring customers can ship industrial, commercial and retail goods
with confidence.
Please visit our website at www.yrcw.com for
more information.
Investor Contact: Tony
Carreño913-696-6108investor@yrcw.com
Media Contact: Mike
Kelley916-696-6121mike.kelley@yrcw.com
SOURCE: YRC Worldwide
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