February 23, 2009
ACL extends credit facility
American Commercial Lines Inc. today announced it has closed on an amendment to extend its credit facility through March 31, 2011. The existing credit facility was set to expire on March 31, 2009.
A copy of the amendment in its entirety is filed with ACL's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 23rd, 2009.
The current $550 million revolving commitment will be reduced initially to $475 million, then to $450 million on December 31, 2009 and to $400 million on December 31, 2010. In addition, among other things, the amendment changed certain financial covenants, and increased the interest rates of the existing facility.
Michael P. Ryan, President and Chief Executive Officer, stated, "We are pleased to have secured this extension to our credit facility. The amended agreement provides ACL with the flexibility to operate strategically through today's challenging economic conditions. We remain focused on reducing operating costs, improving productivity, and growing our business. With this amendment, we have the financial structure in place to allow us to concentrate on achieving our business objectives."
The amendment reduced the size of the facility, changed certain financial covenants, and increased the interest rates of the existing facility.
ACL also announced that it will release fourth quarter and full year 2008 earnings after the market closes on March 4, 2009.