By Andrea Heisinger
New York, Jan. 14 - CSX Corp. priced $500 million of 7.375% 10-year senior unsecured notes Wednesday to yield Treasuries plus 525 basis points, an informed source said.
The notes (Baa3/BBB-/) priced at 99.361 to yield 7.466%. They have a make-whole call of Treasuries plus 50 bps.
The issue features a change-of-control put of 101%.
Bookrunners were Credit Suisse Securities, J.P. Morgan Securities Inc. and UBS Investment Bank.
Proceeds will be used to repay notes maturing Nov. 1, 2009, with the remainder used for general corporate purposes.
The transportation company is based in Jacksonville, Fla.
| Issuer: | CSX Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 1, 2019
|
| Bookrunners: | Credit Suisse Securities, J.P. Morgan Securities Inc., UBS Investment Bank
|
| Coupon: | 7.375%
|
| Price: | 99.361
|
| Yield: | 7.466%
|
| Spread: | Treasuries plus 525 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 20
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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