American Commercial Lines LLC (ACL) announced that on April 15, 2002 it commenced an offer to the holders of its outstanding senior notes
to exchange new 11-1/4% cash pay senior notes due January 1, 2008 and new 12% pay-in-kind senior subordinated notes due July 1, 2008 for its outstanding 10-1/4% senior notes due June 30, 2008. In connection with the exchange offer
, ACL is also soliciting its noteholders to (1) become party to, and a beneficiary of, a mutual release, (2) consent to amendments to the indenture for its outstanding 10-1/4% senior notes and (3) accept a plan of reorganization.
The exchange offer and solicitations are part of a previously announced recapitalization and restructuring of ACL. The recapitalization is expected to close in the second quarter of 2002.