Yellow Corp., Overland Park, Kan., said it will issue an additional $20 million of 3.375% contingent convertible senior notes due 2023.
The notes will be issued under Rule 144A of the U.S. Securities Act of 1933, as amended $130 million of notes announced last week. On the Nov. 25, 2003 settlement date, Yellow will receive net proceeds, after discounts and commissions and before interest, of $145.5 million from the sales.
The notes have an annual interest rate of 3.375% and are convertible into shares of Yellow common stock at a conversion price of $46 per share and upon the occurrence of certain other events. The notes may not be redeemed by Yellow for nine years, but are redeemable at any time thereafter at par.
Yellow expects to use the net proceeds from the offering as part of the financing for its proposed acquisition of Roadway Corp. and, if the transaction is not completed, for general corporate purposes.
The notes will be issued under Rule 144A of the U.S. Securities Act of 1933, as amended $130 million of notes announced last week. On the Nov. 25, 2003 settlement date, Yellow will receive net proceeds, after discounts and commissions and before interest, of $145.5 million from the sales.
The notes have an annual interest rate of 3.375% and are convertible into shares of Yellow common stock at a conversion price of $46 per share and upon the occurrence of certain other events. The notes may not be redeemed by Yellow for nine years, but are redeemable at any time thereafter at par.
Yellow expects to use the net proceeds from the offering as part of the financing for its proposed acquisition of Roadway Corp. and, if the transaction is not completed, for general corporate purposes.
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