July 2, 2009 (FinancialWire) — American Commercial Lines Inc.’s (NASDAQ: ACLI) Commercial Barge Line Co. subsidiary has priced an issuance of $200 million of 12 1/2% senior secured second lien notes due July 15, 2017.
The notes are scheduled to be issued on July 7, 2009, simultaneously with the closing of a new four year $350 million senior secured first lien asset-based revolving credit facility by CBLC, ACL and certain other direct wholly owned subsidiaries of CBLC.
According to ACL, the issue price is 95.181% of the principal amount of the notes. The company will use the proceeds from the offering, together with borrowings under the credit facility, to repay ACL’s existing credit facility, to pay certain related transaction costs and expenses and for general corporate purposes.
Jeffersonville, Indiana-based American Commercial Lines is an integrated marine transportation and service company that posts around $1.2 billion in revenues and had around 3,400 employees as of December 31, 2008.
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