Feb 13 (Reuters) - Struggling trucking company YRC Worldwide Inc said it refinanced debt of $1.1 billion, completing a restructuring it began nearly three years ago.
The company closed a $300 million debt reduction plan in January after the Teamsters Union agreed to a revised labor contract.
An earlier rejection by the union had put the restructuring plan in jeopardy ahead of the first debt repayment of $69.4 million due on Feb. 15.
YRC, which had debt of about $1.36 billion, on Thursday completed the refinancing with a new $700 million medium-term loan and a $450 million asset-based loan.
The company said the refinancing extends the tenure to 2019 and would provide interest savings of about $40 to $50 million annually.
YRC’s shares rose 1.5 percent in extended trading. They closed at $20.95 on the Nasdaq.