NEW YORK — YRC Worldwide Inc. on Tuesday said it closed on the first tranche of a private placement of $70 million of unsecured 6 percent senior notes.
The tranche covered $49.8 million of new notes due 2014. The notes are convertible into common shares at an initial conversion price of 43 cents per share, subject to adjustment.
The trucking company plans to use the debt offering to pay down its 2010 note obligations. Any excess funds will be used for general corporate purposes.
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