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Company draws $325 million to cover notes due Dec.1 and May 1. Others don't mature until 2010
By Angela Greiling Keane
Bloomberg News
Published on Saturday, Oct 04, 2008
YRC Worldwide Inc., the biggest U.S. trucking company by sales, drew $325 million from its revolving credit facility to redeem notes that are due Dec. 1 and May 1.
YRC wanted to pay off the debt early ''given the unrest in the credit markets,'' Chief Executive Bill Zollars said.
YRC, which is based in Overland Park, Kan., and operates its Roadway unit in Akron, said it will have almost $400 million of untapped borrowing capacity.
''Our current financial condition is solid, and with no further note maturities until 2010, we are well positioned to weather this economic environment,'' Zollars said.
Analysts and investors have been watching YRC's debt as banks have tightened lending practices. YRC stock fell $2.15, or 22 percent, to $7.76.
It was the biggest one-day drop since 1980.
Stifel Nicolaus & Co. analyst David Ross said in a Sept. 24 note to investors that he expected YRC to use cash to pay off the notes due in December.
''Management also mentioned evaluating capital markets to address upcoming maturities and diversify its capital structure,'' he wrote.
''We are not sure what that means for the company's future capital structure or how receptive the capital markets would even be to a YRC Worldwide issue in this credit market.''
Ross, who is based in Baltimore, has a ''sell'' rating on the trucker.
YRC reported $61.3 million in cash and near-cash items through June, according to data compiled by Bloomberg News.
YRC said it has $225 million in 8.25 percent notes due Dec. 1 and $100 million in 6.5 percent notes due May 1. Its next scheduled debt payment is $150 million in April 2010.
YRC Worldwide Inc., the biggest U.S. trucking company by sales, drew $325 million from its revolving credit facility to redeem notes that are due Dec. 1 and May 1.
Get the full article here.
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