(Norfolk Southern issued the following news release on April 29.)
NORFOLK, Va. — Norfolk Southern Corporation announced today the expiration of the early participation period in connection with its offers to exchange new unsecured Norfolk Southern debt securities and cash for up to $350 million aggregate principal amount of its 7.80% notes due May 15, 2027, up to $200 million aggregate principal amount of its 7.25% notes due Feb. 15, 2031, and for any or all of its 9.00% notes due March 1, 2021. As of 5 p.m., New York City time, on April 28, 2005, the early participation date, approximately $375 million of the notes due 2027, $416 million of the notes due 2031 and $167 million of the notes due 2021 have been tendered for exchange. The exchange offers will expire at 12:00 midnight, New York City time, on May 12, 2005, unless extended. Notes validly tendered may be withdrawn at any time prior to the expiration date.
The total exchange price will be determined on May 10, 2005, two days prior to the expiration date, and holders who validly tendered by the early participation date will receive the total exchange price for those notes accepted for exchange, which includes an early participation payment of $20 per $1,000 principal amount.
Deutsche Bank Securities is the coordinator for the exchange offers. Deutsche Bank Securities and Merrill Lynch & Co. are the joint-lead dealer managers, and Citigroup and Barclays Capital are the co-dealer managers for the exchange offers.
Norfolk Southern, through its Norfolk Southern Railway Company subsidiary, operates approximately 21,300 route miles in 22 states, the District of Columbia and Ontario, Canada, serving every major container port in the eastern United States and providing connections to western rail carriers. Norfolk Southern operates an extensive intermodal network and is the nation’s largest rail carrier of automotive parts and finished vehicles.