Genesee & Wyoming inks $2.3 billion facility at Libor plus 250 bps

By Toni Weeks

San Diego, Oct. 1 - Genesee & Wyoming Inc. entered into a new $2.3 billion five-year secured credit facility comprised of a $1,875,000,000 term loan and a $425 million revolving credit facility via Bank of America, JPMorgan and Citigroup, according to a press release.

Both the term loan and the revolver bear interest at Libor plus 250 basis points.

The company said that $1.85 billion of borrowings under the facilities, along with $460 million in cash from its recent public offerings of common stock and equity units and a $350 million private issuance of mandatorily convertible preferred stock to Carlyle Group, was used to finance the $1.37 billion acquisition of RailAmerica and refinance $1.23 billion of Genesee's and RailAmerica's debt prior to the acquisition.

Genesee is a Greenwich, Conn.-based owner and operator of short-line and regional freight railroads.

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