ACF Industries Enters Into Railcar Lease With GE Capital RailcarNEW YORK, March 10 /PRNewswire/ -- ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP).
ACF - Advanced Communications Function Industries, Incorporated, through a newly formed (98.737%-owned by ACF) limited liability company, has entered into 16-year leases of nearly 35,500 railcars to a subsidiary of GE Capital. ACF will continue to lease its remaining fleet on its traditional basis in accordance with the high level of service it has maintained throughout its 98-year history. ACF will also continue to operate its 3 railcar manufacturing and 8 railcar repair facilities. ACF Industries received the proceeds of an approximately $1.25 billion private debt offering secured by the railcars leased to GE and the associated GE lease rentals.
ACF is a major independent manufacturer of specialized railcars and related products and is a significant lessor of railcars in North America. Carl C. Icahn, owner of ACF Industries, stated that "This arrangement with GE Capital gives ACF the wherewithal to remain a large and dominant factor in the railcar business while obtaining the benefits of using a large pool of capital without concern over potential short-term economic influences."
Mr. Icahn noted that GE Capital has contractually agreed to continue to use ACF's repair facilities for at least five years and has entered into a non-exclusive five-year contract to purchase ACF-manufactured railcars.
SOURCE ACF Industries, Incorporated
/CONTACT: Silvia Herrschaft of ACF, 212-702-4309/
CO: ACF Industries, Incorporated; GE Capital ST: New York IN: TRN (Threaded ReadNews) A popular newsreader for Usenet newsgroups. It is an enhanced version of rn (ReadNews) that includes threads. See Usenet. SU:
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