(The Associated Press circulated the following on March 23, 2010.)
JACKSONVILLE, Fla. — Railroad operator CSX Corp. said Monday that it has accepted some of the notes tendered under a debt exchange that expired last week.
The company will deliver $660 million in new notes and pay $140.7 million in cash in exchange for the notes it accepted in the swap, plus interest.
The new debt includes 6.22 percent notes that don’t come due until 2040. The debt swap will reduce the company’s interest payments.
CSX said it was accepting all of the following notes tendered: 7.45 percent notes due in 2038, 7.95 percent debentures due 2027, 8.625 percent debentures due 2022, and 8.1 percent debentures due 2022. It also accepted almost $72.2 million, or 58 percent, of the tendered 7.9 percent debentures due in 2017.
CSX shares rose 35 cents to $51.86 in afternoon trading.