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Home » YRC agrees to fifth extension of tender offer
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YRC agrees to fifth extension of tender offer

December 30, 2009
Mark B. Solomon
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YRC Worldwide, Inc., today extended for the fifth time its offer to bondholders to tender more than $530 million in debt for more than one billion newly issued equity shares and effective control of the troubled less-than-truckload carrier. The latest deadline is set to expire Dec. 30 at 11: 59 PM New York time.

The extension comes as YRC reported progress in convincing bondholders to accept the debt-for-equity swap. According to YRC, 94 percent of its outstanding debt had been tendered as of Dec. 29, up from the 81 percent that was tendered as of the prior day.

In addition, 59 percent of the notes issued by YRC's regional unit have been tendered, up from 53 percent on Dec. 28. As those bonds pay a much higher rate than YRC's other debt, holders of that debt have been reluctant to tender them.

Originally, YRC's lenders stipulated that 95 percent of the debt would need to be tendered before they would make available the $106 million in funds YRC needs to make $19 million in interest and fee payments by Dec. 31. Without access to those funds, YRC, the nation's largest less-than-truckload (LTL) carrier by sales, will likely not meet the deadline and would probably file for bankruptcy protection.

Analysts believe, however, that YRC's lenders will be willing to accept a lower tender rate than 95 percent.

Transportation Trucking Less-than-Truckload
KEYWORDS YRC Worldwide
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Marksolomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.

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