Horizon Lines, Inc. has amended its senior credit
The primary components of the amendment to the senior credit facility
include: 1) increasing the revolving credit facility by $25 million to $75
million; 2) increasing the additional term loan borrowing availability by
$25 million to $75 million; 3) raising the annual capital spending limit to
$40 million, exclusive of vessel and equipment lease buyouts; 4) allowing
for 100% carryover of unutilized permitted annual capital spending; 5)
increasing maximum restricted payments on a rolling four quarters basis
from $15 million to $36 million; 6) providing 100% credit for voluntary
loan prepayments on the required annual excess cash flow sweep now
commencing in 2007; and 7) increasing permitted acquisitions from $30
million to $120 million annually and from $100 million to $200 million over
the life of the facility. The pre- amendment senior credit facility
consisted of a $250 million term loan and a $50 million revolving credit
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