CSX gets $1 billion five-year senior unsecured revolver via JPMorgan

By Toni Weeks

San Luis Obispo, Calif., May 28 – CSX Corp. entered into a new $1 billion five-year senior unsecured revolving credit agreement on May 21 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 79.5 basis points to 130 bps. The company will pay a facility fee of 8 bps to 20 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 0.65 to 1.00.

Citibank, NA, Credit Suisse AG, Cayman Islands Branch, Mizuho Bank, Ltd. and Bank of Tokyo-Mitsubishi UFJ, Ltd. are syndication agents. J.P. Morgan Securities LLC is the advisor, lead arranger and bookrunner. Documentation agents are Morgan Stanley Senior Funding, Inc., NC Bank, NA, Northern Trust Co. and UBS Securities LLC.

The new agreement replaces the company’s existing $1 billion senior unsecured revolving credit agreement dated Sept. 30, 2011 via JPMorgan Chase Bank.

There were no borrowings under either agreement as of May 21.

CSX is a transportation company based in Jacksonville, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.