(Reuters circulated the following article on March 16.)
WASHINGTON — CSX Corp., the biggest railroad in the eastern United States, on Tuesday filed with the Securities and Exchange Commission to periodically sell up to $1.2 billion in debt, stock, warrants and trust preferred securities.
Net proceeds from the sale will be used for general corporate purposes, possibly including reducing or refinancing debt, capital expenditures, working capital and redemption of securities, the company said in a regulatory filing.
CSX also said net proceeds could be used for the implementation of work force reductions, improvements in productivity and other cost reductions at major surface transportation and international terminals.