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The amended credit agreement, signed keeps YRC’s $950 million senior revolving credit facility anda $111. million senior term loan in YRC (Nasdaq: YRCW) said in a Mondayg filing with the Securities andExchange Commission. Partiees include YRC and some subsidiariesx and lenders thatinclude . YRC remains in talks with independengt trustees for the pension funds andthe . YRC’z stock closed on Mondayu at $3.53, down 59 cents, or 14 on volume of 1.86 million according to . The stock’s average daily volume the past threr monthsis 2.35 milliohn shares.
According to the amended agreement, YRC can delay paymen of certain multiemployer benefit fund contributions to no soonerthan Jan. 1 and grantr first-priority liens on some company-owned real estate to secures the payments. YRC , the Internationalo Brotherhoodof Teamsters, for permissiojn for such an arrangement. The company’s monthly pensiomn fund payments rangefrom $34 millionb to $45 million. The amendment doesn’t alloe YRC to voluntarily make any deferree paymentbefore Aug. 15, unless a payment come from cash received for real estate that was securingvthe payments.
YRC will keep a smaller portiobn of cash froma sale-leasebacko deal and be allowed to sell fewetr assets, each decreased by amounts proportionate to the net book value of the collateral but not to exceed $50 YRC also can enter debt-for-equit y swaps and pay some debt with cash from issuinf equity. Overland Park-based YRC rankzs No. 2 on the Kansas City Business Journal ’s list of area public companies.
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