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YRC looks to raise $275M • 3:03 AM
YRC Worldwide (YRCW) could reportedly make a filing today to raise $250M in equity and at least $25M in convertible debt.
The trucking company will use the money to meet a $69M loan repayment that is due in February, while it is also looking to delay the due date of $124M in debt that matures in March 2015.
YRC's fundrasing would come ahead of next month's employee ballot over a new five-year contract. The firm needs workers to approve the deal so that it can refinance debt that's due in 2014 and 2015.
While YRC earned $4.85B in revenue last year, it owes $1.4B and has a market cap of just $163.6M.
YRC Worldwide (YRCW) could reportedly make a filing today to raise $250M in equity and at least $25M in convertible debt.
The trucking company will use the money to meet a $69M loan repayment that is due in February, while it is also looking to delay the due date of $124M in debt that matures in March 2015.
YRC's fundrasing would come ahead of next month's employee ballot over a new five-year contract. The firm needs workers to approve the deal so that it can refinance debt that's due in 2014 and 2015.
While YRC earned $4.85B in revenue last year, it owes $1.4B and has a market cap of just $163.6M.
