UPDATE 2-YRC has pension fund deal, new credit amendment

* Pension fund deal allows use of property as collateral

* New credit amendment helps to make pension payments

* Robert W. Baird downgrades YRC stock to "underperform"

* Stock falls 6 percent (Adds details, comments from CEO)

DETROIT, June 18 (Reuters) - YRC Worldwide Inc (YRCW.O) said on Thursday it reached a deal with a pension fund that allows the struggling No. 1 U.S. trucking company to use real estate as collateral in lieu of payments to the fund.

Word of the agreement sent YRC stock up 6 percent premarket, but shares were down 6 percent at $2.04 in early trading as some analysts cast doubt on whether the deal would be enough to help the company weather the financial crisis.

The deal with the Central States multi-employer pension fund covers payment deferrals estimated at $83 million in the second quarter.

The pact calls for YRC to repay the deferred contributions over three years beginning in January 2010.

YRC said it is finalizing discussions with other pension funds to sign them on to the same agreement.

Chief Executive Bill Zollars told Reuters that the agreement with Central States -- its largest pension fund -- made the company "very hopeful" about concluding deals with its other pension funds.

The company also said it had obtained a new amendment to its credit facility that will help it make pension fund payments. It is the seventh amendment lenders have agreed to on YRC's $950 million revolving credit facility.

The amendment also releases escrow funds of $73 million, generated from prior real estate transactions, to pay down the revolving credit facility. It does not reduce the company's ability to borrow from the facility, YRC said.

YRC said that it has closed $94 million worth of sale and leaseback transactions on its properties this quarter and has another $77 million under contract. Zollars said those deals should close "within a couple of months."

Like the rest of the U.S. trucking sector, YRC has been battered by the recession, which has exposed problems the company has had integrating acquisitions and optimizing its large network.

"STABILIZED"

As part of its efforts to weather the downturn, YRC has closed some facilities and shed jobs. In January its Teamsters union-represented workers agreed to a 10 percent wage cut in return for a 15 percent stake in the company.