Yellow | YRC Worldwide Announces $100 Million Tender Offer for Debt Securities

[Jeff]

OVERLAND PARK, Kan., Nov. 25 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW - News) today announced that it has commenced a cash tender offer to pay an aggregate purchase amount (including accrued and unpaid interest) not to exceed $100 million (the "Maximum Aggregate Purchase Amount") for its contingent convertible senior notes and notes of YRC Regional Transportation, Inc. (formerly USFreightways Corporation), the company's wholly owned subsidiary. The principal purpose of the tender offer is to purchase notes up to the Maximum Aggregate Purchase Amount, reduce debt and interest costs, increase net income and improve leverage. The series of notes that are the subject of the tender offer (the "Notes") are listed in the table below with other information relating to the tender offer. The terms and conditions of the tender offer are described in an Offer to Purchase, dated November 25, 2008, and the accompanying Letter of Transmittal, which are being sent to holders of Notes.

YRC Worldwide Announces $100 Million Tender Offer for Debt Securities: Financial News - Yahoo! Finance

 

[JustPaul_1]

Look at the conditions

As you read all of that; here is a section most people would not get to. Look at the second paragraph of what follows.

The consummation of the tender offer is not conditioned upon any minimum amount of Notes being tendered, but is conditioned upon the satisfaction or waiver of the conditions set forth in the Offer to Purchase.

One such condition is that the employees of subsidiaries of the company represented by the International Brotherhood of Teamsters who are subject to the National Master Freight Agreement, effective April 1, 2008 through March 31, 2013, shall have ratified an amendment to that agreement regarding a wage reduction. The company is currently discussing with the International Brotherhood of Teamsters a proposal to enter into such an amendment.

:TR10driving03:​

I think this tells us where our concessions are going?

What do you all think?

It also sounds like they know what they are going to get from us?

I still don't see Zollers resignation letter, or his wage concessions?

Have a Great Day?​