Union Pacific updates exchange tally, ups note size to $1.5 billion

By Susanna Moon

Chicago, Sept. 16 – Union Pacific Corp. said investors had tendered for exchange $1,006,367,000 of notes as of 5 p.m. ET on Sept. 15, the early exchange date.

Union Pacific also will now issue up to $1.5 billion of new notes due 2051 in the exchange, according to a company update, increased from $1 billion when the exchange began on Sept. 1.

The response to the exchange means the company has reached the required $500 million new issue threshold.

Union Pacific is making 10 separate exchange offers with early tender results as follows, listed in order of priority acceptance levels:

• $153,947,000 tendered so far of the $300 million 4.85% notes due 2044;

• $372.74 million tendered of the $700 million 4.821% notes due 2044;

• $204,324,000 tendered of the $500 million 4.75% notes due 2043;

• $175,394,000 tendered of the $500 million 4.75% notes due 2041;

• $4,151,000 tendered of the $89,545,000 5.78% notes due 2040;

• $2,444,000 tendered of the $112,414,000 6.15% debentures due 2037;

• $51,857,000 tendered of the $230,929,000 6.25% debentures due 2034;

• $15,246,000 tendered of the $200 million 5.375% debentures due 2033;

• $1.5 million tendered of the $177.06 million 7.125% debentures due 2028; and

• $24,764,000 tendered of the $423.04 million 6.625% debentures due 2029.

The exchange offers will remain open until 11:59 p.m. ET on Sept. 29.

Holders had to tender their notes for exchange before 5 p.m. ET on Sept. 15 in order to receive the early exchange premium.

The company said it will accept for purchase any and all of the 4.85% notes due 2044 tendered for exchange and the remainder based on their acceptance priority levels.

Tendered notes may no longer be withdrawn, as of the early deadline.

The exchange is being offered to holders who are qualified institutional buyers under Rule 144A and those who are not U.S. persons under Regulation S.

The railroad transportation company is based in Omaha.

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