Trucking giant YRC Worldwide, which recently negotiated a new contract with its 26,000 union drivers, announced that it completed a series of transactions that will reduce its reported $1.4 billion debt by approximately $300 million. YRC said it had issued $250 million of common and preferred stock, the proceeds of which will be used to retire the company's convertible notes. In addition, about $50 million worth of the company's other convertible notes were exchanged or converted to common stock.
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