(CSX issued the following news release on October 31.)
JACKSONVILLE, Fla. — CSX Corporation (NYSE: CSX) announced today that it purchased less than 3% of its Zero Coupon Convertible Debentures due October 30, 2021, approximately $15 million aggregate principal amount at maturity. CSX was required to purchase each such Debenture at its accreted value of $835.65 per $1,000 principal amount at maturity, resulting in an aggregate cost to CSX of approximately $12.8 million. As a result approximately $548 million aggregate principal amount at maturity of the Debentures remain outstanding.
As previously announced, CSX will make a one-time cash payment on November 5, 2003, of $23 per Debenture to holders who did not require CSX to purchase their Debentures on October 30, 2003. The total payment will be approximately $12.6 million and will be made to holders of record as of the close of business on October 31, 2003. CSX also amended the terms of the Debentures to provide an additional date, October 30, 2005, on which holders may require CSX to purchase the Debentures.
CSX Corporation, based in Jacksonville, Fla., owns one of the largest rail networks in the United States. CSX Transportation Inc. and its 34,000 employees provide rail transportation services over a 23,000 route-mile network in 23 states, the District of Columbia and two Canadian provinces. CSX Corporation also provides intermodal and global container terminal operations through other subsidiaries. More information about CSX is available at its internet address: www.csx.com