Yellow Corp. is seeking to raise about $130 million through a private offering of contingent convertible senior notes, and another $20 million if the initial purchasers exercise their right to acquire additional notes.
The notes will be convertible into shares of Yellow common stock upon the occurrence of certain events and will mature in 2023. Yellow expects to use the net proceeds from the offering as part of the financing for the pending acquisition of Roadway Corp. and, if the acquisition doesn’t happen, for general corporate purposes.
Yellow Corp.’s largest subsidiary, Yellow Transportation, offers a full range of regional, national and international services for the movement of industrial, commercial and retail goods. Headquartered in Overland Park, Kan., Yellow employs approximately 23,000 people.
Roadway Express is a leading transporter of industrial, commercial and retail goods in the two- to five-day regional and long-haul markets. With headquarters in Akron, Ohio, Roadway Corp. employs about 27,000 people.
The notes will be convertible into shares of Yellow common stock upon the occurrence of certain events and will mature in 2023. Yellow expects to use the net proceeds from the offering as part of the financing for the pending acquisition of Roadway Corp. and, if the acquisition doesn’t happen, for general corporate purposes.
Yellow Corp.’s largest subsidiary, Yellow Transportation, offers a full range of regional, national and international services for the movement of industrial, commercial and retail goods. Headquartered in Overland Park, Kan., Yellow employs approximately 23,000 people.
Roadway Express is a leading transporter of industrial, commercial and retail goods in the two- to five-day regional and long-haul markets. With headquarters in Akron, Ohio, Roadway Corp. employs about 27,000 people.
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