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YRC Worldwide to conduct at-the-market offering of common stock
Deal consists of 3 million shares; funds repay $69.4 million 6% notes
By Devika Patel
Knoxville, Tenn., Dec. 3 - YRC Worldwide Inc. negotiated an at-the-market issuance sales agreement with MLV & Co. LLC on Dec. 3, according to a prospectus supplement and 8-K filed Tuesday with the Securities and Exchange Commission.
The sale will consist of up to 3 million common shares.
Proceeds will be used to repay a portion of the company's $69.4 million 6% notes by their scheduled maturity of Feb. 15, 2014 and for general corporate and working capital purposes, which may include debt repayment.
YRC is an Overland Park, Kan.-based provider of transportation services for the shipment of industrial, commercial and retail goods.
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