Yellow Roadway to Sell $250 Mln. in Notes for USF Deal
ellow Roadway Corp. said Tuesday it would sell $250 million in notes through a private offering to pay part of the cost of its acquisition of fellow less-than-truckload carrier USF Corp.
Yellow Roadway said in a Securities and Exchange Commission filing it plans to pay 65% of the $1.37 billion purchase price of USF in cash, that it has $450 million available secured by receivables, and $500 million in unsecured credit, Bloomberg reported.
If approved by USF stockholders May 23, the acquisition would close on May 24.