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Rail News: Financials

NS to repurchase small amounts of stock, CN to sell debt securities

Norfolk Southern Corp. has launched a program under which the Class I will purchase common stock from holders of fewer than 100 shares. To be administered by D.F. King & Co. Inc., the program expires May 30.

NS will pay stockholders a per-share price equal to the high and low trading price average for the railroad’s common stock as listed on the New York Stock Exchange on the date of the transaction. Participating stockholders will not have to pay brokerage commissions, fees or other transaction costs.

Meanwhile, Canadian National Railway Co. recently submitted filings to Canadian securities regulators and the U.S. Securities and Exchange Commission seeking approvals to issue up to $1.5 billion of debt securities in Canadian and U.S. markets during the next two years.

CN plans to use proceeds for general corporate purposes, such as redeeming and refinancing outstanding debt, repurchasing shares and pursuing acquisitions.

Contact Progressive Railroading editorial staff.

More News from 5/2/2006