CHICAGO, Aug. 15 /PRNewswire-FirstCall/ -- GATX Corporation (NYSE: GMT)
announced today that it completed a private offering of $125 million of senior
unsecured convertible notes due 2023 issued under Rule 144A. The offering was
increased from $115 million to $125 million as a result of the underwriters
exercising the over-allotment option due to strong investor demand.
The notes carry a 5.0% coupon and are initially convertible, subject to
certain conditions, into GATX Corporation common stock at a price of $23.6915
per share, a 22.5% premium over the common stock closing price on August 11,
2003. The notes may not be redeemed by GATX prior to August 15, 2008, but are
redeemable at par any time thereafter. Holders of the notes have the option
to require GATX to purchase their notes at par on August 15, 2008, August 15,
2013, and August 15, 2018. The net proceeds of the offering will be used by
GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation, for
general corporate purposes.
This notice does not constitute an offer to sell or the solicitation of an
offer to buy securities. The notes have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act of 1933. It is anticipated that a
registration statement will be filed under the Securities Act of 1933 to
permit the resale of the notes and the underlying shares of common stock
issuable upon conversion.
COMPANY DESCRIPTION
GATX Corporation (NYSE: GMT) is a specialized finance and leasing company
combining asset knowledge and services, structuring expertise, partnering and
risk capital to serve customers and partners worldwide. GATX specializes in
railcar and locomotive leasing, aircraft operating leasing, and information
technology leasing.
Investor, corporate, financial, historical financial, photographic and
news release information may be found at http://www.gatx.com .
SOURCE GATX Corporation
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Related links:
http://www.gatx.com
CONTACT:
Analysts & Investors, Robert C. Lyons,
+1-312-621-6633, or Rhonda S. Johnson, +1-415-955-3211, both of
GATX Corporation
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