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Rail News: Rail Industry Trends

RailAmerica initiates initial public offering


Yesterday, RailAmerica Inc. announced it’s holding an initial public offering of 10.5 million primary shares of common stock and 11.5 million secondary shares of common stock priced at $15 per share. The IPO will be conducted through RR Acquisition Holding L.L.C., an entity owned by private equity funds managed by an affiliate of RailAmerica owner Fortress Investment Group L.L.C.

Shares will begin trading today on the New York Stock Exchange under the symbol “RA.” The offering is expected to close on Friday.

In connection with the IPO, RailAmerica granted underwriters a 30-day option to purchase up to 1.57 million additional shares of common stock and RR Acquisition Holding provided them the option to purchase up to 1.72 million additional shares of common stock to cover any over-allotments. J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. Inc. represent the IPO’s underwriters.

RailAmerica owns 40 regionals and short lines operating in 27 U.S. states and three Canadian provinces.