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14.11.2017 18:05
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PR Newswire
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Norfolk Southern announces pricing of previously announced exchange offers, interest rate for new notes and acceptance of tendered notes
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PR Newswire
NORFOLK, Va., Nov. 14, 2017
NORFOLK, Va., Nov. 14, 2017 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) (the "Company") today announced the pricing of its offers (the "Exchange Offers") to certain eligible holders to exchange outstanding debt securities listed in the table below (together, the "Existing Notes") for cash and up to $750,000,000 aggregate principal amount of the Company's new Notes due 2047 (the "New Notes"), the complete terms and conditions of which are set forth in a Confidential Offering Memorandum, dated Oct. 30, 2017 (the "Offering Memorandum"), and the related letter of transmittal. The Company also announced that it will pay interest on the New Notes at a rate per annum equal to 3.942%, as calculated in accordance with the Offering Memorandum.
Existing Notes validly tendered and accepted by the Company at or prior to 5 p.m., New York City time, on Nov. 13, 2017 (the "Early Exchange Date"), are expected to settle on Nov. 16, 2017 (the "Early Settlement Date"), unless extended by the Company.
The table below indicates, among other things, the Total Exchange Consideration for each $1,000 principal amount of Existing Notes tendered and accepted as of the Early Exchange Date pursuant to the Exchange Offers (as determined in accordance with the Offering Memorandum):
| | | | | | | | | | | | | | | Composition of Total Exchange Consideration (1) | ||
| Cusip Numbers | | Title of Security | | Reference U.S. Treasury | | Fixed Spread (Basis points) | | Yield Used to Price Existing Notes (2) | | Early Exchange Premium (1) | | Total Exchange (1)(2)(3) | | Principal Amount of New Notes (3) | | Cash (3)(4) |
| | | | | | | | | | | | | | | | | |
| 655844AV0 | | 6.000% Notes | | 3.000% due May 15, 2047 | | +165 | | 4.492% | | $30.00 | | $1,328.70 | | $1,328.70 | | $0.00 |
| 655844AK4 | | 7.900% Notes due 2097 | | 3.000% due May 15, 2047 | | +175 | | 4.592% | | $30.00 | | $1,700.88 | | $1,700.88 | | $0.00 |
| 655844BD9 | | 6.000% Notes due 2111 | | 3.000% due May 15, 2047 | | +175 | | 4.592% | | $30.00 | | $1,302.22 | | $1,302.22 | | $0.00 |
| 655844AF5 | | 7.050% Notes due 2037 | | 3.000% due May 15, 2047 | | +75 | | 3.592% | | $30.00 | | $1,481.13 | | $1,462.13 | | 19.00 |
| 655844AQ1 | | 7.250% Notes due 2031 | | 2.250% due August 15, 2027 | | +70 | | 3.096% | | $30.00 | | $1,448.54 | | $1,336.54 | | $112.00 |
| 655844AJ7 | | 7.800% Notes due 2027 | | 2.250% due August 15, 2027 | | +65 | | 3.046% | | $30.00 | | $1,389.51 | | $1,086.51 | | $303.00 |
| 655844BN7 | | 4.800% Notes due 2043 | | 3.000% due May 15, 2047 | | +85 | | 3.692% | | $30.00 | | $1,180.89 | | $1,027.89 | | $153.00 |
| ________________________________ | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (1) Per $1,000 principal amount of Existing Notes. |
| (2) The yield of the 3.000% U.S. Treasury due May 15, 2047 as of the pricing date was 2.842% and the yield of the 2.250% U.S. Treasury due August 15, 2027 as of the pricing date was 2.396%. |
| (3) Does not reflect any accrued and unpaid interest. The Company will pay accrued and unpaid interest on the Existing Notes up to, but not including, the Early Settlement Date. |
| (4) The figures in this table reflect any optional adjustments of the Total Exchange Consideration as permitted under the terms and conditions in the Offering Memorandum. |
In accordance with the acceptance priority levels and proration procedures described in the Offering Memorandum, the Company will accept $612,857,000 in aggregate principal amount of the Existing Notes that were tendered for exchange at or prior to the Early Exchange Date. The Company expects to deliver an aggregate principal amount of $749,997,000 of New Notes and will pay an aggregate of $58,060,901.40 cash consideration, including accrued and unpaid interest, for the Existing Notes accepted for exchange on the Early Settlement Date. Since Existing Notes have been validly tendered so that the maximum amount of New Notes to be issued in exchange for such tendered Existing Notes would exceed $750,000,000 (the "New Issue Cap"), no additional Existing Notes will be accepted for exchange after the Early Exchange Date.
The table below indicates, among other things, the principal amount of each series of Existing Notes validly tendered as of the Early Exchange Date, the principal amount of Existing Notes to be accepted for exchange as of the Early Exchange Date and the percentage of the principal amount of Existing Notes to be accepted for exchange pursuant to the Exchange Offers:
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