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Genesee & Wyoming reduces pricing on term loans, revolver by 25 bps
By Marisa Wong
Madison, Wis., April 2 - Genesee & Wyoming Inc. amended its senior secured syndicated facility agreement dated Oct. 1, 2012 to reduce applicable margins on its existing term loans and revolving credit facility by 25 basis points, according to an 8-K filing with the Securities and Exchange Commission.
The floating-rate applicable margin now ranges from 25 bps to 150 bps, the letter-of-credit applicable margin from 125 bps to 250 bps and the commitment fee rate from 25 bps to 50 bps, all depending on the company's total leverage ratio.
By lowering pricing, the company expects to reduce its annual interest expense in 2013 by roughly $3 million, based on current outstanding balances.
The facility agreement was amended on March 28 with Bank of America, NA as administrative agent; Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. as co-lead arrangers and co-bookrunning managers; JPMorgan Chase Bank, NA and Citigroup Global Markets as co-syndication agents; and Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corp., Sovereign Bank NA, Branch Banking and Trust Co., Fifth Third Bank, Royal Bank of Canada, TD Bank, NA and Wells Fargo Bank, NA as co-documentation agents.
Genesee is a Greenwich, Conn.-based owner and operator of short-line and regional freight railroads.
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