YRC Gains $950 Million Credit Agreement
YRC Worldwide said late Monday it has amended a $950 million credit agreement with lenders, a move that sent its stock higher in after-hours trading, the Associated Press reported.
The less-than-truckload carrier said in a filing with the Securities and Exchange Commission that JPMorgan Chase Bank, among other lenders, will continue to provide it with a $950 million revolving credit facility, AP reported.
The agreement amendment suspends the requirement that the company maintain liquidity of $100 million at all times, AP said.
Ahead of Tuesday’s stock market opening, YRC’s shares rose 39 cents, or 17.5%, to $2.62 per share, AP said. Its stock has ranged from 89 cents to $19.61 in the past year.
YRC is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
