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Horizon Lines unveils refinancing agreement

Horizon Lines said it has reached an agreement with the majority of holders of its senior notes regarding refinancing the company’s debt.

The agreement centers on a complete refinancing and a new asset-based revolving loan of up to $125 million, for which the company is in negotiations with an unnamed lender.

The company’s debt involves a $225 million senior-secured revolving credit facility, a $125 million secured-term loan and $330 million of unsecured 4.25 percent convertible senior notes.

Horizon said the refinancing is set to take place in August.

Charlotte-based Horizon is a shipping company.

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