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8-K - FORM 8-K - COMMERCIAL BARGE LINE CO | c62959e8vk.htm |
EXHIBIT 99.1
American Commercial Lines Inc. Announces Pricing of $250 Million Senior Notes Offering
JEFFERSONVILLE, IN, Feb 10, 2011 (MARKETWIRE via COMTEX)American Commercial Lines Inc. (the
Company), announced today that its parent corporation,
ACL I Corporation (ACL Corp), has priced
its private placement offering (the Offering) of $250 million in aggregate principal amount of
10.625%/11.375% Senior PIK Toggle Notes due 2016 (the Notes Offering). The amount offered represents
an increase of $25 million from the amount previously announced. Interest on the Senior PIK
Toggle Notes (the Notes) will accrue at a rate of 10.625% with respect to interest paid in cash and
a rate of 11.375% with respect to interest paid by issuing additional Notes. The Offering is expected
to close on February 15, 2011, subject to the satisfaction or waiver of customary closing
conditions.
The net proceeds of the Notes Offering are intended to be used to pay a special dividend to the
Companys stockholder to redeem equity advanced in connection with the
acquisition of the Company by an affiliate of Platinum Equity, LLC and to pay certain costs
and expenses related to the Notes Offering.
The Notes being offered by ACL Corp in the Notes Offering will not be registered under the
Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the
United States absent registration or an applicable exemption from registration requirements. The
Notes are being offered only to qualified institutional buyers under Rule 144A and outside the
United States in compliance with Regulation S under the Securities Act.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any
security. No offer, solicitation or sale will be made in any jurisdiction in which such an offer,
solicitation, or sale would be unlawful.
This press release contains information about pending transactions, and there can be no assurance
that these transactions will be completed.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release includes forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Without limitation, the words anticipates, believes,
estimates, expects, intends, plans, will and similar expressions are intended to identify
forward-looking statements. All statements that address operating performance, events or
developments that we expect or anticipate will occur in the future, including statements relating
to the Notes Offering. All such forward-looking statements and those presented elsewhere by our
management from time to time are subject to certain risks and uncertainties that could cause actual
results to differ materially from those in forward-looking statements. These risks and
uncertainties include, but are not limited to, the consummation of the Notes Offering on terms
satisfactory to us or at all.
Contact:
Dawn R. Landry
Senior Vice President and General Counsel
(800) 842-5491
Dawn R. Landry
Senior Vice President and General Counsel
(800) 842-5491
SOURCE: American Commercial Lines Inc.