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Norfolk Southern Plans First 100-Year Bonds Since ‘05

Norfolk Southern Corp. boosted to $250 million its reopening of 100-year bonds in the first offering of such debt since 2005, as companies take advantage of record-low borrowing costs to lock in long-term funding.

The securities may be sold today and yield 5.95 percent, according to a person familiar with the transaction. The company earlier marketed $100 million of the debt, said the person, who declined to be identified because terms aren’t set. The fourth-largest U.S. railroad issued $300 million of 6 percent debt due 2105 in March 2005, the last sale of 100-year bonds in U.S. dollars, according to data compiled by Bloomberg.