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12/31/2013 9:30:00 AM Write a Letter to the Editor Write a letter to the Editor

Carlyle Group Discloses YRC Investment

Carlyle Group Inc. said it has invested $55.2 million in connection with YRC Worldwide Inc.’s recently announced agreement to reduce its debt load.

The investment company, one of the carrier’s five largest investors, disclosed that it has acquired 2.33 million YRC shares for $35 million. In addition, Carlyle agreed to exchange $20.2 million of convertible notes for 1.39 million shares of stock for resale.

The less-than-truckload-carrier has reached agreement with Carlyle and other investors on steps to reduce YRC’s debt by about $300 million.

That debt agreement is contingent on approval by the Teamsters of a memorandum of understanding that changes the union’s contract through a four-year extension beyond the scheduled March 2015 expiration. Union members are voting now on the MOU, with a ballot count expected Jan. 8.

YRC sought the debt reduction and the contract changes to lower its interest expense and control operating costs in the face of continuing losses.

By Transport Topics

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