CSX obtains $1.2 billion new five-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 3 – CSX Corp. entered into a new $1.2 billion five-year senior unsecured revolving credit agreement on Feb. 28 with JPMorgan Chase Bank, NA as administrative agent, bookrunner and lead arranger, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at SOFR plus 68 basis points to 122.5 bps. The company will pay a facility fee of 7 bps to 15 bps. Both are based on debt ratings.

Under the agreement, the borrower may not permit the ratio of total debt to total capitalization to exceed 0.70 to 1.00.

Bank of America, NA, Barclays Bank plc, Citibank, NA, Credit Suisse AG, New York Branch, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., PNC Bank, NA, Northern Trust Co. and UBS Securities LLC are syndication agents.

The new agreement replaces the company’s existing $1.2 billion senior unsecured revolving credit agreement dated March 29, 2019 via JPMorgan Chase Bank.

There were no borrowings under either agreement as of Feb. 28.

CSX is a transportation company based in Jacksonville, Fla.

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