(Bloomberg News circulated the following on August 23, 2010.)
NEW YORK — Norfolk Southern Corp. sold $250 million of 100-year bonds in a reopening, the first offering of such debt since 2005, according to data compiled by Bloomberg.
The securities yield 5.95 percent, Bloomberg data show. The company earlier marketed $100 million of the debt, according to a person familiar with the transaction, who declined to be identified citing lack of authorization to speak publicly about the sale.
The fourth-largest U.S. railroad issued $300 million of 6 percent debt due 2105 in March 2005, the previous sale of 100- year bonds in U.S. dollars, the data show.
The three biggest U.S. railroads are Berkshire Hathaway Inc.’s Burlington Northern Santa Fe LLC, Union Pacific Corp. and CSX Corp.