Genesee & Wyoming expects to sell $1 billion secured notes on Friday; initial talk 6½% to 6¾%

By Paul A. Harris

Portland, Ore., April 3 – Genesee & Wyoming Inc. began a roadshow on Wednesday for a $1 billion offering of senior secured notes due 2032 (Ba3/BB), according to a syndicate source.

The deal was set to kick off on an investor conference call at noon ET Wednesday, and is in the market with initial price talk of 6½% to 6¾%.

The Rule 144A and Regulation S for life eight-year notes become callable after three years at par plus 50% of the coupon.

Wells Fargo Securities LLC is the left bookrunner. RBC Capital Markets Corp., BMO Capital Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC and Citigroup Global Markets Inc. are joint bookrunners.

The Darien, Conn.-based railroad holding company plans to use the proceeds to refinance debt, pay a dividend to ownership and for general corporate purposes.

Genesee & Wyoming’s sponsor is Brookfield Infrastructure, GIC.

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