Fortress Investment Group LLC announced that RailAmerica, Inc.'s initial public offering of 10,500,000 primary shares of common stock, as well as the offering of 11,500,000 secondary shares of common stock of RailAmerica, Inc. by RR Acquisition Holding LLC, an entity wholly-owned by certain private equity funds managed by an affiliate of Fortress Investment Group LLC.
The shares were priced at $15 per share. Fortress funds acquired the company in February 2007 and will continue to own approximately 55.8% of RailAmerica after the closing of the offering.
In connection with the offering, RailAmerica, Inc. granted the underwriters a 30-day option to purchase up to 1,575,000 additional shares of common stock, and RR Acquisition Holding LLC granted the underwriters the option to purchase up to 1,725,000 additional shares of common stock, to cover over-allotments, if any.
The shares will begin trading on October 13, 2009 on the New York Stock Exchange under the symbol "RA." The offering is expected to close on October 16, 2009.
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