ACL Announces Amendment of Credit Agreement

Friday, June 27, 2008

American Commercial Lines Inc. (ACL) has obtained the necessary approvals from its bank lending group to secure an amendment to its revolving credit facility (the Credit Agreement). The amendment is effective June 26, 2008.
The amendment eases certain financial covenants, increasing the leverage ratio from 3.0x at June 30, 2008 to 3.75x and decreasing the fixed charge coverage ratio from 1.50x to 1.25x until maturity. The amendment also adjusts the maturity date of the Credit Agreement from April 2012 to March 2009, and decreases the total revolving loan commitments from $600 million to $550 million.
The Company also filed a $200 million unallocated shelf registration statement today.
This amendment provides the financial resources, liquidity, and flexibility to continue to pursue our strategic initiatives and invest in our fleet as we transition to a new longer-term capital structure, Tom Pilholski, Senior Vice President and Chief Financial Officer of ACL, said. The shelf will further contribute to this end by giving us broad access to various pools of capital.


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0791 sec (13 req/sec)