Summary
CSX Corporation (CSX) has announced the issuance of $600 million in aggregate principal amount of 5.200% Notes due 2033 through a public offering. This debt issuance was facilitated by an Underwriting Agreement signed on September 5, 2023, with a syndicate of underwriters including Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., and Morgan Stanley & Co. LLC. The offering is being made under the company's existing shelf registration statement filed in February 2022. This move suggests CSX is managing its capital structure, potentially to fund operations, investments, or refinance existing debt. Investors should note that the offering is expected to close on September 7, 2023, subject to standard closing conditions. The agreement contains typical provisions regarding representations, warranties, covenants, indemnification, and contributions, which are standard for such public debt offerings.
Key Highlights
- 1CSX Corporation is issuing $600 million in 5.200% Notes due 2033.
- 2The debt offering was formalized through an Underwriting Agreement dated September 5, 2023.
- 3The offering is being conducted via a public sale to the underwriters, who will then resell to the public.
- 4Major investment banks including Barclays, BofA Securities, Citigroup, and Morgan Stanley are acting as underwriters.
- 5The issuance is registered under an existing Form S-3ASR shelf registration statement.
- 6The offering is expected to close on September 7, 2023, contingent on customary closing conditions.
- 7The Underwriting Agreement includes standard clauses for representations, warranties, covenants, and indemnification.