The trucker plans to use a $300 million tranche of the government loan to pay off health, pension and other obligations, and for working capital, Mr. Pierson said. Another $400 million will go toward buying new trucks and trailers for YRCs aging fleet, according to the filing. That loan will mature on Sept. 30, 2024.
YRC doesnt plan to pay the debt down during the life of the loan, intending instead to either pay it off or refinance at maturity, Mr. Pierson said. We are going to take every penny we can and invest it back into this company, and invest in the fleet and the rolling stock, he said, which will reduce the companys operating costs. Buying new trucks will save YRC between $10,000 and $12,000 per tractor on maintenance alone, he said. It is not only refreshing the fleet, but its also additional liquidity to operate the business.
https://www.wsj.com/articles/yrc-lenders-agree-to-extend-truckers-debt-terms-11594238914
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