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.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1230 sec (8 req/sec)