YRC Worldwide Inc. and Quality Distribution Inc. both have announced adjustments to financial arrangements to support their respective operating strategies in the current economic environment.
YRC Worldwide Inc. said Monday, Aug. 31, that it had amended a $950 million credit agreement with JPMorgan Chase Bank, among other lenders, that will continue to provide the company with a $950 million senior revolving credit facility, including portions available for borrowing and for letters of credit, and a senior term loan of about $111.5 million. The credit agreement amendment, made public in a filing with the Securities and Exchange Commission, suspends the requirement that the Overland Park, Kan.-based company maintain liquidity of $100 million.
Quality Distribution Inc. announced last week via a press release a revised debt arrangement intended to extend the weighted average maturity of its outstanding debt, as well as to provide more financial flexibility. The Tampa, Fla.-based company says that subsidiaries Quality Distribution and QD Capital Corp. will exchange privately exchanged newly issued 10 percent senior notes that are due in 2013, and in some cases cash, for outstanding notes. The outstanding notes included two series of senior floating rate notes due in 2012.
