ACL Enters Into New $400mRevolving Credit Facility

Monday, April 30, 2007
American Commercial Lines Inc. (ACL) has entered into a new $400m bank revolving credit facility led by Wells Fargo Bank as administrative agent. The revolver has a five year term, a variable interest rate based on LIBOR and varies with ACL's level of debt to EBITDA. The variable interest rate spread at closing was 62.5 basis points over LIBOR. The new credit facility replaces the existing $250 million asset based facility that was entered into on February 11, 2005 and would have expired in February 2010. Under the new loan agreement, the Company has an option to increase the size of the credit facility up to an additional $200 million to a total facility size of $600 million.

Navy

This Day In Naval History: August 29

1861 - During the Civil War, Seaman Benjamin Swearer lands with troops from the steam sloop of war, Pawnee, and takes part in the capture of Fort Clark, at Hatteras Inlet, N.

USS Freedom Suffers Casualty

The U.S. Navy's first littoral combat ship USS Freedom (LCS 1) experienced a casualty to one of its main propulsion diesel engines (MPDE) on July 11 reportedly

Michelle Obama Sponsors Attack Submarine

General Dynamics Electric Boat has delivered to the U.S. Navy an attack submarine that is sponsored by first lady Michelle Obama and will be named for her home state, reports AP.

Finance

California: A Strong Shipbuilding State

Fifth in the nation for direct employment, California shipbuilding and repair industry supports nearly 35,000 jobs; Maritime Administrator highlights economic importance

Advent Hires Banks to Sell Control of Brazil Port

Buyout firm Advent International Corp has hired Morgan Stanley & Co and Grupo BTG Pactual SA to advise on the sale of a controlling stake in TCP Terminal de Contêineres de Paranaguá SA,

SUNY Maritime Among 'Best Bang for the Buck' Colleges

SUNY Maritime College has been named one of the best colleges for its price by Washington Monthly.   SUNY Maritime placed in the top 30 schools in the Northeast.

 
 
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