Trucker YRC extends exchange offer deadline for 3rd time, revises requirements
YRC Worldwide Inc. said Thursday it extended the deadline for its proposed debt-for-equity exchange for a third time and lowered its threshold for acceptance because it failed to get enough of a response.
The offer, set to expire on Thursday night, was extended to midnight Dec. 23. The company previously needed 95 percent approval for its swap of stock for $536.8 million in debt. The offer includes 5 percent convertible notes due in 2023, 3.375 percent convertible notes due in 2023, and 8.5 percent guaranteed notes due April 15, issued by subsidiary YRC Regional Transportation Inc.
With today's announcement, YRC needs 70 percent of holders to swap the 8.5 percent guaranteed notes and 85 percent to swap the convertible notes. Full Story......