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Transportation

YRC Worldwide Files To Raise Capital (YRCW)

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By Douglas A. McIntyre Updated Published
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YRC Worldwide Inc. (NASDAQ: YRCW) has not been without its  problems.  We recently saw reports about how it was trying to raise funds from the government and we have just seen an SEC filing in a shelf registration.  This filing shows that the trucking giant plans to raise up to $200 million via the sale of any combination of common stock, preferred stock, and warrants.

The company said that it may offer and sell these securities to or through one or more underwriters, dealers, and agents, or directly to purchasers, on a continuous or delayed basis.  It also released a statement that no specific financing is imminent but this was to have an effective shelf registration.  Here is the FULL FILING from the SEC.

The use of funds is for general corporate purposes, described as capital expenditures, working capital, acquisitions, repayment or refinancing of indebtedness, investments in subsidiaries, or repurchasing or redeeming securities.

We also saw in recent days that the company received certain credit waivers under its bank agreement.

As with many shelf registrations, no underwriters were named.  Shares are down about 9% at $2.88 today, and the 52-week range is $1.20 to $22.52.

JON C. OGG
MAY 20, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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