YRC Worldwide Amends, Extends and Improves the Terms of the Company's $450 Million ABL Facility
OVERLAND PARK, Kan., June 28, 2016 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ:YRCW) announced today that it has amended several key terms of its Asset Based Loan (ABL) Facility (the Facility). The most substantial changes were:
Citizens Bank, NA acted as Joint Lead Arranger, Joint Book runner and Administrative Agent while Bank of America and PNC Capital acted as Co-Syndication Agents as well as Joint Lead Arrangers and Joint Book runners. ING and CIT acted as Co-Documentation Agents.
OVERLAND PARK, Kan., June 28, 2016 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ:YRCW) announced today that it has amended several key terms of its Asset Based Loan (ABL) Facility (the Facility). The most substantial changes were:
- A 50 basis points (bps) reduction in interest spread from Libor + 225 bps to Libor + 175 bps;
- Subject to certain conditions, the maturity has been extended from February 2019 to June 2021; and
- A reduction in availability requirements under the Facility; this reduction increases the company's flexibility to utilize cash previously required to be restricted under the Facility.
Citizens Bank, NA acted as Joint Lead Arranger, Joint Book runner and Administrative Agent while Bank of America and PNC Capital acted as Co-Syndication Agents as well as Joint Lead Arrangers and Joint Book runners. ING and CIT acted as Co-Documentation Agents.