
<PAGE>   1
                                                                     EXHIBIT 4.2



                     11 1/2% Series A Senior Note due 2007

No. 1                                                           $ ______________
                                                             CUSIP NO. 398048AF5


                            GREYHOUND LINES, INC.



promises to pay to ________________ or registered assigns, the principal sum of
One Hundred Forty-Seven Million Dollars on April 15, 2007.



               Interest Payment Dates:  April 15 and October 15
                                      
                     Record Dates:  April 1 and October 1






                                        Dated:  April 16, 1997

                                        GREYHOUND LINES, INC.


                                        
                                        By:  /s/ STEVEN L. KORBY
                                           -----------------------------------
                                           Name:  Steven L. Korby
                                           Title: Executive Vice President
                                                  and Chief Financial Officer



This is one of the Global
Notes referred to in the
within-mentioned Indenture:


Dated:  April 16, 1997

PNC Bank, National Association,
as Trustee


By:   /s/ SHEILA WALLBRIDGE
   -----------------------------

<PAGE>   2
                                (Back of Note)
                       11 1/2 % Series A Note due 2007


        Unless and until it is exchanged in whole or in part for Notes in
definitive form, this Note may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository or by the Depository or
any such nominee to a successor Depository or a nominee of such successor
Depository. Unless this certificate is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New
York) ("DTC"), to the issuer or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or such other name as may be requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or such other
entity as may requested by an authorized representative of DTC).  ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, in as much as the registered owner hereof, Cede & Co., has an
interest herein.

                THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS
        ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
        SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
        "SECURITIES ACT"), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE
        OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
        REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF
        THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE
        RELYING ON THE EXEMPTION FROM  THE PROVISIONS OF SECTION 5 OF THE 
        SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE
        SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT
        (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY
        (1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
        INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
        IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A
        TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES
        ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A
        TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 OF THE SECURITIES ACT
        OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION 
        REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF
        COUNSEL IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT
        TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE
        WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
        OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
        SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE
        SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A)
        ABOVE. 



                                       2
<PAGE>   3
        1.  INTEREST. Greyhound Lines, Inc., a Delaware corporation (the
"Company"), promises to pay interest on the principal amount of this Note at 
11 1/2% per annum from April 16, 1997 until maturity and shall pay the
Liquidated Damages payable pursuant to Section 5 of the Registration Rights
Agreement referred to below. The Company will pay interest and Liquidated
Damages semi-annually on April 15 and October 15 of each year, or if any such
day is not a Business Day, on the next succeeding Business Day (each an
"Interest Payment Date"). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from the date of original issuance. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is
the rate then in effect; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Liquidated Damages (without regard to any applicable grace
periods) from time to time on demand at the same rate to the extent lawful.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

        2.  METHOD OF PAYMENT. The Company will pay interest on the Notes
(except defaulted interest) and Liquidated Damages to the Persons who are
registered Holders of Notes at the close of business on the April 1 or October
1 next preceding the Interest Payment Date, even if such Notes are cancelled
after such record date and on or before such Interest Payment date, except as
provided in Section 2.12 of the Indenture with respect to defaulted interest.
The Notes will be payable as to principal, premium, interest and Liquidated
Damages at the office or agency of the Company maintained for such purpose
within or without the City and State of New York, or at the option of the
Company, payment of interest and Liquidated Damages may be made by check mailed
to the Holders at their addresses set forth in the register of Holders, and
provided that payment by wire transfer of immediately available funds will be
required with respect to principal of and interest, premium and Liquidated
Damages on, all Global Notes and all other Notes the Holders of which shall
have provided wire transfer instructions to the Company or the Paying Agent.
Such payment shall be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts.

        3.  PAYING AGENT AND REGISTRAR. Initially, PNC Bank, National
Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar.  The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such
capacity.

        4.  INDENTURE. The Company issued the Notes under an Indenture dated as
of April 16, 1997 ("Indenture") among the Company, the Guarantors and the
Trustee. The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code Sections 77aaa-77bbbb). The Notes are subject to all such
terms, and Holders are referred to the Indenture and such Act for a statement
of such terms. The Notes are general unsecured obligations of the Company
limited to $150,000,000 aggregate principal amount.

        5.  OPTIONAL REDEMPTION.

        (a) Except as set forth in subparagraph (b) of this Paragraph 5, the
Company shall not have the option to redeem the Notes prior to April 15, 2002. 
Thereafter, the Company shall have the option to redeem the Notes, in whole or
in part, upon not less than 30 nor more than 60 days' notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Liquidated Damages thereon to the applicable
redemption date, if redeemed during the twelve-month period beginning on April
15 of the years indicated below:



                                      3
<PAGE>   4


                Year                            Percentage
                ----                            ----------

                2002...........................   105.750%
                2003...........................   103.834%
                2004...........................   101.917%
                2005 and thereafter............   100.000%


        (b) Nothwithstanding the provisions of subparagraph (a) of this
Paragraph 5, at any time prior to April 15, 2000, the Company may redeem up to
35% of the aggregate principal amount of Notes originally issued at a
redemption price of 111.5% of the principal amount thereof, plus accrued and
unpaid interest and Liquidated Damages, if any, thereon to the redemption date,
with the net cash proceeds of one or more Qualified Equity Offerings; provided
that (a) at least $97.5 million in aggregate principal amount of Notes remains
outstanding immediately after the occurrence of each such redemption and (b)
each such redemption shall occur within 90 days of the date of the closing of
each such offering.

        6.  MANDATORY REDEMPTION.

        Except as set forth in paragraph 7 below, the Company shall not be
required to make mandatory redemption payments with respect to the Notes. 

        7.  REPURCHASE AT OPTION OF HOLDER.    

        (a) If there is a Change of Control, the Company shall be required to
make an offer (a "Change of Control Offer") to repurchase all or any part
(equal to $1,000 or an integral multiple thereof) of each Holder's Notes at a
purchase price equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest and Liquidated Damages, if any, thereon to the
date of purchase (the "Change of Control Payment").  Within 30 days following
any Change of Control, the Company shall mail a notice to each Holder
describing the transaction that constitutes the Change of Control and setting
forth the procedures governing the Change of Control Offer as required by the
Indenture.

        (b) If the Company or a Restricted Subsidiary consummates any Asset
Sales, within 30 days of each date on which the aggregate amount of Excess
Proceeds exceeds $10.0 million, the Company shall commence an offer to all
Holders of Notes (as "Asset Sale Offer") pursuant to Section 3.09 of the
Indenture to purchase the maximum principal amount of Notes that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest
and Liquidated Damages, if any, thereon to the date of purchase, in accordance
with the procedures set forth in the Indenture; provided, however, that, if the
Company is required to apply such Excess Proceeds to repurchase, or to offer to
repurchase, any Pari Passu Indebtedness, the Company shall only be required to
offer to repurchase the maximum principal amount of Notes that may be purchased
out of the amount of such Excess Proceeds multiplied by a fraction, the
numerator of which is the aggregate principal amount of Notes outstanding and
the denominator of which is the aggregate principal amount of Notes outstanding
plus the aggregate principal amount of Pari Passu indebtedness outstanding.
To the extent that the aggregate amount of Notes tendered pursuant to an
Asset Sale Offer is less than the Excess Proceeds, the Company (or such
Subsidiary) may use such deficiency for general corporate purposes.  If the
aggregate principal amount of Notes surrendered by Holders exceeds the amount
of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro
rata basis (with such adjustments as may be deemed appropriate by the Trustee
so that only Notes in denominations of $1,000, or integral multiples thereof,
shall be purchased).  Holders of Notes that are the subject of an offer to
purchase will receive an Asset Sale Offer from the Company prior to any related
                                      

                                       4

 
<PAGE>   5
purchase date and may elect to have such Notes purchased by completing the form
entitled "Option of Holder to Elect Purchase" on the reverse of the Notes.

        8. NOTICE OF REDEMPTION. Notice of redemption will be mailed at least
30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on Notes
or portions thereof called for redemption.

        9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000.
The transfer of Notes may be registered and Notes may be exchanged as provided
in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and
the Company may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part.  Also, it need not
exchange or register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date
and the corresponding Interest Payment Date.

       10. PERSONS DEEMED OWNERS.  The registered Holder of a Note may be
treated as its owner for all purposes.

       11. AMENDMENTS, SUPPLEMENT AND WAIVER. Subject to certain exceptions,
the Indenture or the Notes may be amended or supplemented with the consent of
the Holders of at least a majority in principal amount of the then outstanding
Notes, and any existing default or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes. Without the consent
of any Holder of a Note, the Indenture or the Notes may be amended or
supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company's obligations to Holders of the Notes
in case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder, or to
comply with the requirements of the Commission in order to effect or maintain
the qualification of the Indenture under the Trust Indenture Act.

       12. DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30
days in the payment when due of interest or Liquidated Damages on the Notes;
(ii) default in payment when due of the principal of or premium, if any, on the
Notes; (iii) failure by the Company to comply with Section 4.15 of the
Indenture; (iv) failure by the Company to comply with Sections 4.07, 4.09 and
4.10 of the Indenture, which failure remains uncured for 60 days; (v) failure
by the Company for 60 days after notice to comply with any of its other
agreements in the Indenture or the Notes; (vi) default under any mortgage,
indenture or instrument under which there may be issued or by which there may
be secured or evidenced any Indebtedness for money borrowed by the Company or
any of its Restricted Subsidiaries (or the payment of which is guaranteed by
the Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries), whether such
Indebtedness or guarantee now exists or is created after the date of the
Indenture, which default (a) is caused by a failure to pay principal of or
premium or interest on such Indebtedness prior to the expiration of any grace
period provided in such Indebtedness (a "Payment Default") or (b) results in
the acceleration of such Indebtedness prior to its express maturity and, in
each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
$10.0


                                       5
<PAGE>   6

million or more; (vii) failure by the Company or any of its Restricted
Subsidiaries to pay final judgments aggregating in excess of $10.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days;
(viii) failure by any Guarantor to perform any covenant set forth in its
Subsidiary Guarantee, or the repudiation by any Guarantor of its obligations
under its Subsidiary Guarantee or the unenforceability of any Subsidiary
Guarantee against a Guarantor for any reason, unless, in each such case, such
Guarantor and its Restricted Subsidiaries have not Indebtedness outstanding at
such time or at any time thereafter; and (ix) certain events of bankruptcy or
insolvency with respect to the Company or any of its Restricted Subsidiaries
specified in the Indenture. If any Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then
outstanding Notes to be due and payable. Notwithstanding the foregoing, in case
of an Event of Default arising from certain events of bankruptcy or insolvency,
all outstanding Notes will become due and payable without further action or
notice. Holders may not enforce the Indenture or the Notes except as provided in
the Indenture. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders of the
Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest) if it
determines that withholding notice is in their interest. The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice
to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest on,
or the principal of, the Notes. The Company is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the
Company is required upon becoming aware of any Default or Event of Default, to
deliver to the Trustee a statement specifying such Default or Event of Default.

        13.  DEFEASANCE. The Notes are subject to defeasance upon the terms and
conditions specified in the Indenture.

        14.  TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee.

        15.  NO RECOURSE AGAINST OTHERS.  A director, officer, employee,
incorporator or stockholder, of the Company, as such, shall not have any
liability for any obligations of the Company under the Notes or the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Notes waives and releases all such
liability. The waiver and release are part of the consideration for the
issuance of the Notes.

        16.  AUTHENTICATION.  This Note shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

        17.  ABBREVIATIONS.  Customary abbreviations may be used in the name of
a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

        18.  ADDITIONAL RIGHTS OF HOLDERS OF TRANSFER RESTRICTED SECURITIES. In
addition to the rights provided to Holders of Notes under the Indenture,
Holders of Transferred Restricted Securities shall have all the rights set
forth in the Registration Rights Agreement dated as of April 16, 1997, among
the Company and the parties named on the signature pages thereof (the
"Registration Rights Agreement").


                                       6
<PAGE>   7
        19. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has
caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

        The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement. Request
may be made to:


                Greyhound Lines, Inc.
                15110 North Dallas Parkway
                Dallas, Texas  75248
                Attention:  General Counsel


                                       7
<PAGE>   8
                               ASSIGNMENT FORM


To assign this Note, fill in the form below:  (I) or (we) assign and transfer
this Note to

                (Insert assignee's soc. sec. or tax I.D. no.)




            (Print or type assignee's name, address and zip code)

and irrevocably appoint
to transfer this note on the books of the Company.  The agent may substitute
another to act for him.



Date:

                                Your Signature:
                                  (Sign exactly as your name appears on the
                                   face of this Note)

                                Signature Guarantee:





                                      8
<PAGE>   9
                      OPTION OF HOLDER TO ELECT PURCHASE


        If you want to elect to have this Note purchased by the Company
pursuant to Section 4.10 or 4.15 of the Indenture, check the box below:

        [ ] Section 4.10        [ ] Section 4.15

        If you want to elect to have only part of the note purchased by the
Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the
amount you elect to have purchased:  $
                                      -----------


Date:                           Your Signature:
                                  (Sign exactly as your name appears on the
                                   Note)

                                Tax Identification No.:
                                                       ---------------------


                                Signature Guarantee.



                                       9
<PAGE>   10
                        SCHEDULE OF EXCHANGES OF NOTES


The following exchanges of a part of this Global Note for other Notes have been
made:


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Date of Exchange   Amount of decrease in   Amount of increase in    Principal Amount of       Signature of authorized
----------------   Principal Amount of     Principal Amount of      this Global Note          officer of Trustee or
                   this Global Note        this Global Note         following such decrease   Notes Custodian
                   ----------------        ----------------         (or increase)             ---------------
                                                                     -----------
<S>                <C>                       <C>                      <C>                      <C>





------------------------------------------------------------------------------------------------------------------------

</TABLE>










                                      10
