CSX gets tenders for $696.39 million notes in exchange offers so far

By Angela McDaniels

Tacoma, Wash., March 8 - CSX Corp. said holders had tendered $696,393,000 principal amount of notes into its private exchange offers as of 5 p.m. ET on March 5, the early tender date.

According to a company news release, holders had tendered:

• $320,474,000 of the company's $400 million of 7.45% notes due 2038;

• $193,348,000 of its $272,614,000 of 7.95% debentures due 2027;

• $34,195,000 of its $115,712,000 of 8.625% debentures due 2022;

• $24.51 million of its $93,591,000 of 8.1% debentures due 2022; and

• $123,866,000 of its $384,769,000 of 7.9% debentures due 2017.

As previously reported, the company is offering new 6.22% notes due 2040 and cash in exchange for the five series of notes.

Eligible holders of the 7.45% notes, 7.95% debentures and 8.625% debentures can exchange any and all of their notes, which have first priority.

Eligible holders of the company's 8.1% debentures and 7.9% debentures can exchange a total principal amount of their notes equal to $660 million less the total principal amount of first-priority notes exchanged.

The exchange offers are subject to conditions that include the receipt of valid tenders for at least $400 million principal amount of notes. This condition has been met.

Eligible holders who tendered by the early tender date will receive an early exchange premium.

The exchange offers began Feb. 22 and will expire at 11:59 p.m. ET on March 19.

The exchange offers are only being made to holders who are "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 or who are not "U.S. persons" as defined under Regulation S under the Securities Act.

Documents relating to the exchange offers will only be distributed to noteholders who complete and return a letter of eligibility. Copies of the eligibility letter are available through D.F. King & Co., Inc. (800 714-3312), the information agent.

CSX is a Jacksonville, Fla.-based railroad and transportation company.

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