Citizens Bank announced Citizens Commercial Banking is leading a $450 million asset-based revolving credit facility for YRC Worldwide, one of the largest transportation providers in the world offering less-than-truckload (LTL) freight services.

Citizens Bank is joint lead arranger, joint bookrunner and administrative agent in the 12-bank group.

A Citizens client since 2014, YRC Worldwide will use the financing for general corporate purposes and to support the issuance of letters of credit.

“We were very pleased with the solid execution provided by Citizens Bank and believe that the increased flexibility gained from an amended cost-effective facility positions us well to continue our focus on serving our customers, while also enhancing the value supplied to our employees and shareholders,” said Jamie Pierson, chief financial officer of YRC Worldwide, Inc.

“The YRC Worldwide transaction is a great example of Citizens’ ability to support its clients by delivering innovative ideas, capital solutions and strong execution,” said Chris Carmosino, head of asset-based finance at Citizens Bank. “We were very happy to help YRC Worldwide achieve the goal of improving its capital structure, and look forward to supporting the ongoing success of the company.”

Overland Park, KS-based YRC employs over 32,000 people who serve approximately 250,000 customers. YRC has built one of the most comprehensive LTL networks in North America and serves as a key piece of the nation’s motor freight supply chain.