Summary
Norfolk Southern Corporation (NSC) announced on December 6, 2017, its intention to voluntarily delist a significant portion of its outstanding notes from the New York Stock Exchange (NYSE). This action affects thirteen specific series of notes, collectively referred to as the 'Listed Notes,' with various maturity dates and coupon rates. The company plans to file a Form 25 with the SEC on December 18, 2017, and anticipates the last day of trading for these notes on the NYSE to be December 27, 2017. NSC is undertaking this delisting to reduce costs and expenses associated with maintaining the listing and registration of these notes, deeming them no longer economically justified. Investors holding these specific notes should be aware of the upcoming delisting and the fact that NSC does not intend to list them on another exchange or seek quotation on another trading medium. This move primarily impacts the trading liquidity and market visibility of these particular debt instruments, rather than the company's equity or its overall operational status.
Key Highlights
- 1Norfolk Southern is voluntarily delisting thirteen series of its outstanding notes from the NYSE.
- 2The delisting affects notes with maturities ranging from 2021 to 2111.
- 3The company will file a Form 25 with the SEC on December 18, 2017.
- 4The last day of trading for the delisted notes on the NYSE is expected to be December 27, 2017.
- 5NSC cites the costs associated with continued listing and registration as not being economically justified.
- 6The company does not plan to list these notes on any other exchange or trading medium.
- 7This action specifically pertains to the company's debt securities, not its common stock.