YRC Worldwide issues 1.72 million shares in exchange for $13.16 million 5% convertibles

By Jennifer Chiou

New York, Oct. 17 - YRC Worldwide Inc. issued 1,722,904 shares of its stock in exchange for $13.16 million of its 5% net share settled contingent convertible senior notes due 2023 between Oct. 9 and Oct. 16, according to an 8-K filing with the Securities and Exchange Commission.

The exchanged notes have been retired and canceled.

YRC said it entered into the exchanges to reduce debt and interest costs, to increase net income and to improve leverage.

The exchanges resulted in a net gain of $5.3 million because the notes were exchanged at less than par.

YRC Worldwide, formerly known as Yellow Roadway Corp., is a transportation service provider based in Overland Park, Kan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.