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Rail News: Mechanical
Progress Rail Services Corp. recently filed a registration statement with the Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO). The company plans to offer up to $345 million in common stock, according to the SEC filing.
Progress Rail expects to use IPO proceeds to redeem all of its outstanding Series A participating preferred stock and up to $70 million in aggregate principal amount of its 7.75 percent senior notes due 2012. The company also will set aside proceeds for general working capital purposes.
Morgan Stanley & Co. Inc., Credit Suisse Securities (USA) L.L.C. and J.P. Morgan Securities Inc. are the IPO’s underwriters.
Progress Rail and its subsidiaries provide reconditioned rail-car components, rail and other track materials, and maintenance-of-way equipment, and provide car and locomotive repair, freight-car dismantling and rail welding services.
3/22/2006
Rail News: Mechanical
Progress Rail Services to hold initial public offering
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Progress Rail Services Corp. recently filed a registration statement with the Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO). The company plans to offer up to $345 million in common stock, according to the SEC filing.
Progress Rail expects to use IPO proceeds to redeem all of its outstanding Series A participating preferred stock and up to $70 million in aggregate principal amount of its 7.75 percent senior notes due 2012. The company also will set aside proceeds for general working capital purposes.
Morgan Stanley & Co. Inc., Credit Suisse Securities (USA) L.L.C. and J.P. Morgan Securities Inc. are the IPO’s underwriters.
Progress Rail and its subsidiaries provide reconditioned rail-car components, rail and other track materials, and maintenance-of-way equipment, and provide car and locomotive repair, freight-car dismantling and rail welding services.
