(The following appeared on the Kansas City Star website on August 3, 2009.)
KANSAS CITY, Mo. — Kansas City Southern said this morning it issued 4.3 million shares of common stock at an average price of $17.32 per share.
The sale was valued at $75 million. The railroad company now has 95.9 million shares outstanding.
Shares in Kansas City Southern were up nearly 5 percent in early trading at $21.26.
Kansas City Southern said it has “no current plans to raise additional capital” through the issuance of additional shares.
Chief executive Michael Havery said in a statement that the “additional capital, along with our previously announced reduced level of capital spending during the second half of 2009, should improve our liquidity.”
The company does not have any major debt maturing until April 2011.