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Citizens Bank Leads $450MM ABL Facility for YRC Worldwide

June 29, 2016, 07:58 AM
Filed Under: Transportation

Citizens Bank announced that Citizens Commercial Banking is leading a $450 million asset-based revolving credit facility for YRC Worldwide Inc., one of the largest transportation providers in the world offering less-than-truckload (LTL) freight services.

Headquartered in Overland Park, KS, and employing over 32,000 people who serve approximately 250,000 customers, YRC Worldwide has built one of the most comprehensive LTL networks in North America and serves as a key piece of the nation’s motor freight supply chain. YRC Worldwide has a successful portfolio of operating units which include YRC Freight, YRC Reimer, Holland, Reddaway and New Penn. A Citizens client since 2014, YRC Worldwide will use the financing for general corporate purposes and to support the issuance of letters of credit.

Citizens Bank is joint lead arranger, joint bookrunner and administrative agent in the 12-bank group.

“We were very pleased with the solid execution provided by Citizens Bank and believe that the increased flexibility gained from an amended cost-effective facility positions us well to continue our focus on serving our customers, while also enhancing the value supplied to our employees and shareholders,” said Jamie Pierson, Chief Financial Officer of YRC Worldwide, Inc.

“The YRC Worldwide transaction is a great example of Citizens’ ability to support its clients by delivering innovative ideas, capital solutions and strong execution,” said Chris Carmosino, head of asset-based finance at Citizens Bank. “We were very happy to help YRC Worldwide achieve the goal of improving its capital structure, and look forward to supporting the ongoing success of the company.”

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $140.1 billion in assets as of March 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.

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