Horizon Lines unveils refinancing agreement
Published: June 2, 2011
Time posted: 8:08 am
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.