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Rail News: Financials

FreightCar America initiates IPO


Today, FreightCar America Inc. is launching an initial public offering of 8.5 million shares of common stock priced at $19 per share on the NASDAQ National Market under the symbol "RAIL." The company is selling 5.1 million shares; stockholders are offering the remainder.

Shareholders have granted underwriters a 30-day option to purchase up to an additional 1,275,000 shares to cover any over allotments. The IPO is lead-managed by UBS Investment Bank, and co-managed by Jefferies & Company Inc. and CIBC World Markets Corp.

FreightCar America officials expect the offering to generate $86 million. Along with free cash and monies from a new revolving credit facility, the company will use IPO proceeds to pay off debt and redeem all preferred stock.

Contact Progressive Railroading editorial staff.

More News from 4/6/2005