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American Commercial Lines Inc. Completes $450 Million Refinancing
JEFFERSONVILLE, Ind., Feb. 15 /PRNewswire-FirstCall/ -- American Commercial
Lines Inc. ("Company") announced today that it has successfully completed $450
million in refinancing transactions through the closing of a new $250 million
asset-backed revolving line of credit initially priced at LIBOR plus 225 basis
points or base rate plus 100 basis points, and the sale of $200 million of 9.5%
Senior Notes. The new revolving line of credit was led by Bank of America,
N.A. and UBS Securities LLC, who also served as the joint book-running
managers, with Merrill Lynch & Co. as co-manager, on the sale of the notes.
Commenting on the refinancing, Mark R. Holden, President and CEO, stated, "We
are extremely pleased with the results of our refinancing. Our new capital
structure will allow us the flexibility to run our business for the long-term
at a very competitive cost. Within the past 30 days we have emerged from our
Chapter 11 reorganization; constituted our new Board of Directors; taken steps
to build a permanent management team; and refinanced the business. Industry
fundamentals continue to trend positive which, combined with our recent
accomplishments, positions the Company for ratable, predictable growth."
The private offering of Notes was conducted pursuant to Rule 144A of the
Securities Act of 1933. The Notes were not registered under the Securities Act
of 1933, as amended, or under any state securities or blue sky laws and may not
be offered or sold in the United States absent registration or any applicable
exemption from registration requirements.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana is an
integrated marine transportation and service Company with revenues of more than
$600 million and approximately 2,600 employees. For more information about ACL
generally, visit http://www.aclines.com/
DATASOURCE: American Commercial Lines Inc.
CONTACT: Investor Relations of American Commercial Lines Inc.,
+1-812-288-1836
Web site: http://www.aclines.com/