Abl Facility News

U.S. based offshore well services company Helix Energy Solutions Group has finalized the previously announced acquisition of the Alliance group of companies, bolstering its decommissioning footprint in the Gulf of Mexico.Alliance is a Louisiana-based privately held company that provides services supporting the upstream and midstream ‎industries in the Gulf of Mexico shelf, including offshore oil field decommissioning and ‎reclamation, project management, engineered solutions, intervention…

Quarter Negatively Impacted by Goodwill Impairment Charge, FSX Losses, Volume and Rate Pressures. Horizon Lines, Inc. (OTCQB: HRZL) has reported financial results for the fiscal third quarter ended September 25, 2011. Financial results are being presented on a continuing operations basis, excluding discontinued logistics operations. On a GAAP basis, the third-quarter net loss from continuing operations totaled $126.5 million, or $4.09 per diluted share, on revenue from continuing operations of $321.9 million. On an adjusted basis, the company recorded a third-quarter net loss from continuing operations of $5.6 million, or $0.18 per diluted share, after excluding charges totaling $120.9 million, after tax, or $3.91 per share.

New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction. "We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us for the future," said Stephen H. Fraser, President and Chief Executive Officer.

Commitments Secured to Move Forward with Refinancing; Consummation of Transaction Expected by the End of September. Horizon Lines, Inc. announced that it has entered into a definitive agreement and secured commitments from holders of more than 99% of its 4.25% convertible senior notes due in 2012 to move forward with a modified transaction that will refinance the company's entire capital structure. As part of the refinancing, the company has launched an exchange offer today for the $330.0 million of existing unsecured 4.25% convertible senior notes. Consummation of the refinancing is expected to occur by the end of September, following completion of the exchange offer.

Horizon Lines, Inc. (NYSE: HRZ) today announced that it and holders of the majority of its 4.25% convertible senior notes have entered into agreements for a transaction that will refinance the company's entire capital structure. The agreement with the note holders contemplates a complete refinancing, in conjunction with a new asset-based revolving loan facility (ABL) of up to $125 million, which is under negotiation with a leading financial institution. The company's current debt structure consists of a $225 million senior secured revolving credit facility…