(The Associated Press circulated the following on December 15.)
NEW YORK — Railroad operator Kansas City Southern said Monday it would offer $175 million in senior notes due in 2013.
It said its subsidiary, The Kansas City Southern Railway Co., would use the money along with other borrowing to repurchase $200 million in 7.5 percent senior notes that were due next year.
On Friday, the company said it was reducing its revenue and earnings expectations for the fourth quarter because of falling shipping volumes. It said it now expects fourth-quarter revenue to fall 5 percent from the $460.3 million it recorded during last year’s fourth quarter. It also said it would reduce capital spending and other expenditures for the first half of 2009.
Its shares fell 40 cents, or 2.31 percent, to $17.16 in morning trading Monday.