RailAmerica divests Australian holdings
RailAmerica Inc., a holding company for 47 short-line railroads in the United States and Canada, said it finalized the sale of its Australian railroad, Freight Australia, to Pacific National for $204 million.
RailAmerica said it will immediately use $60 million of the proceeds to pay off senior debt and the rest to pay off long-term debt.
RailAmerica bought Freight Australia in 1999 for $103 million.