YRC Worldwide Seeks to Reset Loan Covenants Under 2011 Agreement
YRC Worldwide Inc., the second- biggest publicly traded U.S. trucking company, is seeking to change the terms of its covenants under a credit agreement signed in July.
The company is proposing to reduce compliance thresholds for consolidated earnings before interest, taxes, depreciation and amortization by between 25 percent and 35 percent and for the interest-coverage ratio by between 30 percent and 40 percent, according to a regulatory filing.
The Overland Park, Kansas-based trucker, is also seeking to increase its total leverage multiple, or the ratio of debt to Ebitda, by between 35 percent and 55 percent, YRC said in today’s filing. Full Story..........