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

By Wendy Van Sickle

Columbus, Ohio, April 3 – CSX Corp. entered into a new $1.2 billion five-year senior unsecured revolving credit agreement on March 29 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 80.5 basis points to 132.5 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.

Citibank, NA, Credit Suisse AG, Cayman Islands Branch, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., PNC Bank, NA, Northern Trust Co. and UBS Securities LLC are syndication agents. J.P. Morgan Securities LLC is the lead arranger and bookrunner. Documentation agents are Bank of America, NA and Barclays Bank plc.

The new agreement replaces the company’s existing $1 billion senior unsecured revolving credit agreement dated May 21, 2015 via JPMorgan Chase Bank.

There were no borrowings under either agreement as of March 29.

CSX is a transportation company based in Jacksonville, Fla.

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