New Issue: Greenbrier prices $60 million add-on to 8 3/8% notes due May 2015 at par

By Paul A. Harris

St. Louis, Nov. 16 - The Greenbrier Cos. Inc. priced an upsized $60 million add-on to its 8 3/8% senior notes due May 15, 2015 (B1/B+) at par on Wednesday to yield 8 3/8%.

Banc of America Securities LLC and Bear Stearns & Co. were joint bookrunners for the quick-to-market Rule 144A/Regulation S offering, which has registration rights.

Proceeds will be used for general corporate purposes.

The original $175 million issue priced at par on May 5, 2005 bringing the total issue size to $235 million following Wednesday's add-on, which had been upsized to $60 million from $50 million.

The add-on notes are fungible with the original notes.

The issuer is a Lake Oswego, Ore., supplier of transportation equipment and services to the railroad industry.

Issuer:	The Greenbrier Cos. Inc.
Amount:	$60 million
Maturity:	May 15, 2015
Security description:	Add-on to the 8 3/8% senior notes
Bookrunners:	Banc of America Securities LLC, Bear Stearns & Co.
Coupon:	8 3/8%
Price:	Par
Yield:	8 3/8%
Spread:	383 basis points
Call protection:	Callable after May 15, 2010 at 104.188, 102.792, 101.396, par on and after May 15, 2013
Equity clawback:	Until May 15, 2008 for 35% at 108.375
Trade date:	Nov. 16
Settlement date:	Nov. 21, with accrued interest
Ratings:	Moody's: B1
	Standard & Poor's: B+
Original issue:	$175 million priced at par on May 5, 2005
Total issue size:	$235 million following Nov. 16, 2005 add-on

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