Saia to fund purchase of terminals from Yellow Corp. with drawdown

By Mary-Katherine Stinson

Lexington, Ky., Dec. 5 – Saia, Inc. intends to draw down on its credit facilities to pay a portion of the purchase price of its winning bid for 17 of Yellow Corp.’s terminals, according to a press release.

The company will also use cash on hand for the purchase.

Saia has agreed to pay a total of $235.7 million for the terminals, which are located in Fresno, Calif., Seaford, Del., Augusta, Ga., Bowling Green, Ky., Paducah, Ky., West Boston, Mass., Grand Rapids, Mich., Grayling, Mich., Duluth, Minn., Owatonna, Minn., Trenton, N.J., Rochester, N.Y., Akron, Ohio, Youngstown, Ohio, Reading, Pa., Knoxville, Tenn., and Laredo, Tex.

The closing of the transaction is expected in the first quarter of 2024 and is subject to various conditions, including approval by the U.S. Bankruptcy Court for the District of Delaware of the sale and regulatory approvals.

A hearing to seek court approval is expected on Dec. 12.

Yellow filed bankruptcy on Aug. 6 under Chapter 11 case number 23-11069.

Saia is a Johns Creek, Ga.-based provider of less-than-truckload, non-asset truckload and logistics services.

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