CSX says $15 million convertibles put back to company

New York, Oct. 31 - CSX Corp. said $15 million principal amount at maturity of its zero-coupon convertible debentures due 2021 were put back to the company, or less than 3% of the amount outstanding.

Following the put, there are $548 million principal amount at maturity of the convertibles outstanding.

The Jacksonville, Fla. railroad paid $835.65 per $1,000 principal amount at maturity to holders who exercised the put, for a total of $12.8 million.

Ahead of the put, CSX announced a sweetener to discourage exercise. The company said it would make a one-time cash payment on Nov. 5 of $23 per $1,000 principal amount at maturity to holders who do not exercise the put and added an additional put date of Oct. 30, 2005 at $852.48 per $1,000 principal amount at maturity. The new put can be paid in cash, stock or a combination at CSX's option.

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