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YRC Worldwide closes $300M debt reduction

YRC Worldwide announced that it successfully completed a series of transactions that will reduce debt by approximately $300M. The company issued $250M of common and preferred stock, the proceeds of which will be used to retire the company's convertible notes. Additionally, approximately $50M in principal amount of the company's other convertible notes were exchanged or converted to common stock. The company also announced that it successfully amended and extended its pension fund obligations to December 2019 and has satisfied the final conditions to its modified contract with the International Brotherhood of Teamsters.