Norfolk Southern borrows $100M from credit line after Ohio train crash (NYSE:NSC)

Norfolk Southern (NYSE:NSC) said Friday it is borrowing $100M under its receivables securitization facility to increase its cash position and preserve financial flexibility, according to an 8-K filing.

The railroad said in the filing it has $200M of borrowing capacity remaining on the $400M credit line.

The Ohio train derailment two weeks ago likely will cost Norfolk Southern (NSC) more than $100M in remediation and other expenses, according to Bloomberg analysts.

With insurance, the company could pay more than $75M out-of-pocket to address property damage and potential injury claims, the analysts wrote.

Norfolk Southern (NSC) is facing increased scrutiny from regulators, public officials and residents following the Ohio derailment that forced a controlled burn of toxic chemicals; on Thursday, a Norfolk Southern train derailed near Detroit.