RRIF
Railroad Rehabilitation & Improvement Financing (“RRIF”) Express aims to reduce the time and costs associated with securing loans to modernize aging freight rail infrastructure.
Full post: https://www.transportation.gov/buildamerica/rrif-express
DARIEN, Conn.–(BUSINESS WIRE)–Genesee & Wyoming Inc. (G&W) (NYSE:GWR) today announced the completion of its previously announced sale to affiliates of Brookfield Infrastructure and GIC.
Under the terms of the sale, each issued and outstanding share of G&W common stock converted into the right to receive $112 in cash. As a result of the completion of the sale, G&W’s common stock ceased trading on the NYSE prior to market open today and will no longer be listed for trading on the NYSE.
Full article: https://ir.gwrr.com/press-release/acquisitions-investments/genesee-wyoming-announces-completion-sale-brookfield
Banks such as Wells Fargo (WFC +1%), Citigroup (C +1.2%), PNC Financial Services Group (PNC +0.4%), and CIT Group (CIT -0.2%) own hundreds of thousands of railcars that carry all kinds of commodities across North America, the Wall Street Journal reports.
While banks shed many of their ancillary businesses after the financial crisis, many kept their railcars, leasing them and getting a steady stream of revenue.
But flagging railroad demand and changes in commodity markets have undermined that strategy.