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RailAmerica plans to redeem some 9¼% notes due 2017 with IPO proceeds
By Angela McDaniels
Tacoma, Wash., July 28 - RailAmerica, Inc. plans to redeem some of its $740 million principal amount of 9¼% senior secured notes due 2017 using the proceeds of its initial public offering, according to an S-1 filing with the Securities and Exchange Commission.
During any 12-month period beginning on the notes' issue date, the company can redeem up to 10% of them at 103 plus accrued interest.
The notes priced at 95.923 on June 17.
Proceeds from the IPO will also be used for working capital and other general corporate purposes.
The issuer is a Jacksonville, Fla.-based short-line and regional rail service provider.
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