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9/16/2004



Rail News: Rail Industry Trends

NS note exchange offer draws investors' interest



Yesterday, Norfolk Southern Corp. announced more than $484 million worth of outstanding notes were tendered during an exchange offer that expired Sept. 14.

NS offered to exchange new unsecured 5.257 percent notes due 2014 and cash for up to $400 million of its outstanding 7.35 percent notes due 2007.

The Class I plans to accept $400 million of the outstanding notes' aggregate principal amount on a pro rata basis. Merrill Lynch & Co. served as the dealer/manager for the exchange, through which NS plans to extend the maturity of a portion of the notes due 2007 to Sept. 17, 2014.


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