Norfolk Southern Draws on Credit Line After Ohio Train Crash
- Firm drew an additional $100 million on credit facility
- Crash may cost the company more than $100 million, BI says
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Norfolk Southern Corp. said it drew $100 million on a credit line following a train derailment and fiery crash that spilled chemicals in East Palestine, Ohio, earlier this month.
The company said in a regulatory filing Friday that it put in the borrowing request earlier this week to increase its cash position and “preserve financial flexibility.” Norfolk Southern has $200 million of borrowing capacity remaining on the $400 million credit line. The filing made no mention of the derailment.