October 22, 2010 (FinancialWire) (http://www.financialwire.net/) — YRC Worldwide, Inc. (NASDAQ: YRCWD) said it has renewed its asset-backed securitization facility with a facility commitment of $325 million as compared to the company's usage of $195 million at September 30, 2010.

The new maturity date for the facility is October 19, 2011, subject to ratification and the continued effectiveness of the company's previously reported tentative labor agreement.

YRC said that payment of previously deferred interest and fees of around $13 million was paid upon renewal.  

Payment of the previously negotiated $10 million commitment fee is now payable in two installments of $5 million on March 1, 2011 and $5 million on April 30, 2011.

An incremental commitment fee of $5 million is payable on June 30, 2011 for a total commitment fee of $15 million. In addition, the interest rate and letter of credit fee increase by 1%, and the program and administrative fees increase by 0.5%, both on April 30, 2011 and June 30, 2011.

Subsequent to October 20, 2010 the payment of most of the ABS interest and fees will continue to be deferred until March 1, 2011. At that date the estimated deferred amount of approximately $4 million would be payable to the lenders. After March 1, 2011, the company will begin to make cash payments of all ABS interest and fees.

Kansas-based YRC Worldwide is a provider of transportation and global logistics services. It is the holding company for a portfolio of brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures.

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