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Rail News Home Financials

3/9/2005



Rail News: Financials

NS to offer 100-year notes, gain long-term capital



Yesterday, Norfolk Southern Corp. announced it priced a $300 million issue of 6 percent senior notes due March 15, 2105. The debt offering is scheduled to close Friday.

NS will pay interest on the 100-year notes on March 15 and Sept. 15 of each year, beginning Sept. 15, 2005. The Class I previously issued 100-year notes in 1894 through predecessor Southern Railway, 1896 through predecessor Norfolk and Western Railway, and 1997 to finance its part of the Conrail acquisition.

NS plans to use proceeds for general corporate purposes. Merrill Lynch & Co. is the sole transaction manager.

"The market has provided a unique opportunity to source long-term capital at favorable rates," said NS Vice Chairman and Chief Financial Officer Henry Wolf in a prepared statement.


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