Printer Friendly

WISCONSIN CENTRAL COMPLETES $55 MILLION FINANCING PACKAGING

 WISCONSIN CENTRAL COMPLETES $55 MILLION FINANCING PACKAGING
 CHICAGO, Dec. 18 /PRNewswire/ -- Wisconsin Central Transportation Corporation (NASDAQ: WCLX), Rosemont, Ill., said it closed Tuesday (Dec. 17) on a private placement of $20 million, 10-year, senior secured notes and a $35 million, revolving credit facility extending through mid-1996.
 Proceeds of the notes were used to acquire 102 miles of Soo Line track between Ladysmith and Superior, Wis., at a cost of $15.75 million. The balance of the proceeds, or $4.25 million, will be applied in 1992 to acquire 97 miles of Chicago and North Western Transportation Company track between Cameron and South Itasca (Superior), Wis., at a cost of approximately $5.8 million. The 10-year notes carry a fixed rate of 10.2 percent per annum and were purchased by Northwestern Mutual Life Insurance Co., Milwaukee, and Teachers Insurance and Annuity Association, New York. Those lenders hold an additional $40 million in senior secured notes obtained in 1989.
 Tom Power, WC's executive vice president and chief financial officer, said, "The secured revolving credit facility gives us borrowing capacity for the next four and one-half years." The $35 million facility carries a floating rate and replaces the company's $10 million facility, which dates to 1987 when the company began operations. The lead bank on the revolving credit facility is Bank of America National Trust and Savings Association.
 Wisconsin Central Transportation Corporation is publicly traded on the NASDAQ under the ticker symbol WCLX. The company's principal subsidiary, Wisconsin Central Ltd., operates 2,000 miles of railroad serving Illinois, Wisconsin, Minnesota, Michigan's Upper Peninsula and Ontario.
 -0- 12/18/91
 /CONTACT: Ed Burkhardt, president or Tom Power, executive vice president, of Wisconsin Central Transportation Corporation, 708-318-4600/
 (WCLX) CO: Wisconsin Central Transportation Corporation ST: Wisconsin, Illinois IN: TRN SU:


DS -- MN006 -- 3313 12/18/91 10:11 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1991
Words:304
Previous Article:MEDTRONIC NAMES PETER A. CHEVALIER VICE PRESIDENT, REGULATORY AFFAIRS
Next Article:DETROIT DIESEL AND PERKINS GROUP EXTEND AGREEMENT
Topics:


Related Articles
WISCONSIN CENTRAL SUBSIDIARY TO PURCHASE THREE LINES FROM ITEL RAIL CORPORATION
WISCONSIN CENTRAL REPORTS RECORD NET INCOME OF $8.3 MILLION
WISCONSIN CENTRAL URGES RAIL USERS TO BE WARY OF CNW CAMPAIGN
WISCONSIN CENTRAL COMPLETES INVESTMENT IN NEW ZEALAND RAIL
WISCONSIN CENTRAL APPOINTS BRADSHAW, RUSS TO NEW ZEALAND RAIL TERBELL SUCCEEDS BRADSHAW AS WCL VP; NORTON ELECTED WCTC TREASURER
WISCONSIN CENTRAL REPORTS RECORD THIRD QUARTER OPERATING REVENUES, OPERATING INCOME AND NET INCOME
WISCONSIN CENTRAL REPORTS RECORD FINANCIAL RESULTS; RECORD FOURTH QUARTER COMPLETES A YEAR OF GROWTH AND EXPANSION
WISCONSIN CENTRAL REPORTS RECORD FINANCIAL RESULTS
Wisconsin Central Announces Successful Bidder on Landmark Safety Package.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters