Horizon Lines Prepays Additional $25m of Debt
Horizon Lines, Inc. reported that it is making a $25m prepayment on its outstanding long-term debt. This follows a $25m prepayment made December 14, 2006 and brings the total of principal payments made by the Company since September 29, 2006 to $55.6m.
The $25m prepayment is being applied to the current $218.9 million remaining balance on the original $250.0 million term loan component of Horizon Lines' senior credit facility. Along with the regularly scheduled principal payment of $.6 million due today, the $25m prepayment will reduce the outstanding term loan to $193.3m, and reduce total debt outstanding of $508.2m to $482.6m.