Yellow issues $20 million in additional senior notes
Yellow Corp. said it will issue an additional $20 million of 3.375-percent contingent convertible senior notes due 2023.
The notes are in addition to $130 million of notes announced Nov. 19. On Tuesday, Yellow will receive net proceeds, after discounts and commissions and before interest, of $145.5 million from the sales.
Yellow expects to use the net proceeds from the offering as part of the financing for its proposed acquisition of less-than-truckload carrier Roadway Corp., and — if the transaction is not completed ' for general corporate purposes.
The notes are convertible into shares of Yellow common stock at a conversion rate of $46 per share and upon the occurrence of certain other events.