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Kansas City Southern plans note repurchases via stock proceeds
By Jennifer Chiou
New York, April 27 - Kansas City Southern announced plans to use the proceeds from a stock sale, along with $106.6 million of other available cash, to redeem the following securities:
• $66.5 million of its 13% senior notes due 2013 for a total redemption price of $75.1 million;
• $70 million of the 12½% senior notes due 2016 issued by its subsidiary Kansas City Southern de Mexico, SA de CV for a total redemption price of $78.8 million; and
• $136.3 million of the 9 3/8% senior notes due 2012, also issued by Kansas City Southern de Mexico, for a total of $139.5 million.
The company said it will offer 5 million shares, subject to market conditions, along with an over-allotment option for an additional 750,000 shares.
Any proceeds from the greenshoe will go toward further repurchases of the 9 3/8% senior notes.
Kansas City Southern provides rail transportation services and is based in Kansas City, Mo.
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