RailAmerica plans stock listing switch, raises equity to bolster more buys (12/20/2001)
12/20/2023Yesterday, RailAmerica Inc. announced plans to list its common stock on the New York Stock Exchange (NYSE) effective Jan. 2 — a move that offers the short-line holding company more visibility to investors, said Gary Marino, chairman, president and chief executive officer, in a prepared statement.
For now, RailAmerica plans to continue listing its stock on Nasdaq National Market.
The company also completed a $54.3 million private placement of common stock, involving more than four million shares at $12.50 per share.
RailAmerica plans to use the proceeds to complete its StatesRail and Park Sierra Rail Group acquisitions, reduce debt and pursue other acquisitions, both domestically and abroad.
"By January, we will have raised more than $150 million in equity through common stock private placements, conversion of preferred stock and acqusitions," said Marino. "We [also] continue to make progress on our non-core, non-strategic asset sale program and we anticipate completing a number of such sales by year-end."
Source: Progressive Railroading Daily News