Marine Link
Tuesday, October 25, 2016

Horizon Lines Covenant Relief Aiding Refinancing Effort

June 27, 2011

 Horizon Lines, Inc. (NYSE: HRZ) announced that it has reached an agreement with its bank group to amend its credit facility.

The amendment relaxes compliance under the credit facility's financial covenants for the second quarter, and will thereby preserve access to liquidity under the revolver and facilitate the company's ability to move forward with its previously announced refinancing effort.   
"We appreciate the continued support of our lender group while we navigate through the complex process of refinancing our entire capital structure," said Michael T. Avara, Executive Vice President and Chief Financial Officer. "This amendment will provide additional financial covenant flexibility as we work with our banks and our convertible note holders towards a comprehensive refinancing, which we announced earlier this month." 
A copy of the credit agreement amendment is included as an exhibit to a current report on Form 8-K that Horizon Lines is filing with the SEC on June 24, 2011.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News