Banks are finally expecting a payday Monday for their work on the $13 billion Norfolk Southern loan.

The railroad company asked banks last week for an amendment to the Merrill Lynch and J.P. Morgan-led loan that would allow the company to tap $1.65 billion. The Norfolk, Va.-based railroad earlier this week used $1 billion for the purchase of 9.9% of Conrail's shares, and will use the rest as a backstop for its commercial paper.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.