Exhibit 99.1


10990 Roe Avenue

Overland Park, KS 66211

Phone 913 696 6108 Fax 913 696 6116


News Release



YRC Worldwide Reports Second Quarter 2020 Results

Secures $700 Million Investment from the United States Department of Treasury

Deferred Health Payments Satisfied, Liquidity Enhanced and Ability to Reinvest in the

Fleet Bolstered

OVERLAND PARK, Kan., August 3, 2020 — YRC Worldwide Inc. (NASDAQ: YRCW) reported results for the second quarter ended June 30, 2020. Operating revenue was $1.015 billion and operating loss was $4.6 million, which included a $6.0 million net gain on property disposals. In comparison, operating revenue in the second quarter of 2019 was $1.273 billion and operating income was $14.3 million, which included a $6.2 million net gain on property disposals.

Net Loss for second quarter 2020 was $37.1 million, or $1.09 per share, compared to net loss of $23.6 million, or $0.71 per share, in second quarter 2019.

On July 7th, the Company successfully secured a loan with the United States Department of Treasury (the “UST”) for up to $700 million (the “UST Loan”) under the CARES Act. The significant terms of which are as follows:



Tranche A of up to $300 million to satisfy previously deferred short-term contractual obligations such as healthcare payments and some lease obligations with the remaining amount going to fund an increase in liquidity.



Tranche B of up to $400 million to reinvest back into the business via purchases of tractors and trailers.



The UST Loan is non-amortizing, bears an interest rate of the Eurodollar (floor of 1.0%) + 3.5% and matures in September 2024. The Company issued UST approximately 30% of its outstanding shares on a post-transaction basis as a condition of the financing.

In addition to the securing the UST Loan, the Company amended its existing term loan to, among other things, eliminate its Adjusted EBITDA covenant until December 31, 2021, at which time the covenant will require at least $100 million of LTM Adjusted EBITDA, and the covenant will incrementally increase to a requirement of at least $200 million LTM Adjusted EBITDA on June 30, 2022. The company was also able to decrease the amended interest rate on the existing term loan down to the previous LIBOR + 7.5% (with a floor of 1.0%). As a condition of the aforementioned amendments, the Company agreed to a minimum “Liquidity” requirement of $125 million.

Finally, the Company was also able to significantly extend the maturity on its Asset Based Loan (the “ABL”) from June 2021 to January 2024.

The following information was filed by Yrc Worldwide Inc. (YRCW) on Monday, August 3, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Yrc Worldwide Inc.'s financial trajectory

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