SAN FRANCISCO - Bank of America said it has arranged a $200 million revolving credit facility for Southern Pacific Transportation, which completes a larger Southern Pacific refinancing to restructure its debt.

Simultaneously, Southern Pacific Transportation's parent, Southern Pacific Rail Corp., completed a $415 million initial public offering of common stock and a 375 million debt of public to pay down other debt and term bank facilities.

Bank of America said the new credit takes the place of other secured credit.

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