Florida East Coast Railway Refinancing Positions Company for Growth

Florida East Coast Railway Refinancing Positions Company for Growth.

Jacksonville, Fla. (Jan. 25, 2011) – Florida East Coast Railway completed a successful refinancing on Jan. 19, 2011, through the sale of $475 million of six-year senior secured notes at an interest rate of 8.125 percent..

“We are very pleased with the outcome of our refinancing, which we believe will position Florida East Coast Railway to capitalize on exceptional opportunities for growth,” said James Hertwig, president and CEO. “The pricing of the senior secured notes we issued today was very attractive, with investor demand reflecting the strong underlying fundamentals of our company. We also extended the maturity of our long-term debt to 2017, which will provide significant capital flexibility going forward. We look forward to continuing to build our business from a very solid financial base, with a focus on what we believe are extremely attractive opportunities to grow our franchise through disciplined investments.”