YRCW Worldwide, Inc. (YRCW) announced on February 13th that it has closed on the financing of a new $700 million term loan and a $450 million asset-based loan facility, which was the final piece to an improved capital structure.
“This is good news and with the refinancing completed all the components are in place to give the company time to turn around its operations,” said Tyson Johnson, Director of the Teamsters National Freight Division.
“This was all possible because of our members’ willingness to make necessary sacrifices. The modifications and extension of the MOU facilitated a $300-million debt reduction announced on January 31, and now with this refinancing completed and announced on February 13, the company has extended maturities and more favorable terms that will allow it to put needed capital back into the business. We will redouble our efforts to ensure management puts the savings back into improving operations.”