(The following appeared on the Progressive Railroading website on June 23, 2009.)
RailAmerica Inc. recently sold $740 million worth of eight-year senior secured notes in the private-placement market. The short-line holding company will use proceeds to refinance debt under an existing credit facility.
Buyers included Citigroup, Deutsche Bank Securities, JP Morgan, Morgan Stanley and Wachovia, according to RailAmerica, which owns and operates 42 regionals and short lines in 26 states and three Canadian provinces.