Progressive Railroading
TRENDING





RAIL EMPLOYMENT

Newsletter Sign Up
Stay updated on news, articles and information for the rail industry


All fields are required.





Rail News Home Financials

10/31/2003



Rail News: Financials

UPdate: Union Pacific prices Overnite IPO at $19 per share


Union Pacific Corp.'s trucking company spin-off now is trading over the counter.

In an Oct. 31 initial public offering (IPO), 25 million shares of Overnite Corp. stock began trading on the NASDAQ index at $19 per share. By mid-day, shares were trading in the $21.60s.

UP expects the IPO, which gives the corporation a $200 million after-tax gain, to close Nov. 5. At closing, UP will receive net proceeds of about $575 million from the equity sale and the Overnite dividend payment.

Credit Suisse First Boston and Morgan Stanley are the offering's joint book-running managers; Citigroup, Banc of America Securities L.L.C., JPMorgan and Merrill Lynch & Co. serve as co-managers. The underwriters have an option to purchase up to an additional 2.5 million shares of Overnite common stock to cover over-allotments.


Contact Progressive Railroading editorial staff.

More News from 10/31/2003