Horizon Lines, Inc. yesterday announced that it has extended the expiration date for its previously announced exchange offer and consent solicitation until 11:59 p.m., New York City time, on September 27, 2011, unless further extended. As part of the exchange offer, the company is also seeking consents from all holders of the 4.25% Convertible Senior Notes due 2012 (the "2012 convertible notes) to remove substantially all of the restrictive covenants and certain events of default from the indenture governing the 2012 convertible notes.
The exchange offer and consent solicitation had been scheduled to expire at 11:59 p.m., New York City time, on September 23, 2011. As of the initial expiration date on September 23, 2011, 99.3% of the $330.0 million aggregate principal amount of the 2012 convertible notes had been tendered into the exchange offer and consent solicitation.
The company and its advisors continue to work with the financial and legal advisors to the informal committee of noteholders to finalize the documentation and terms of the recapitalization plan, of which the exchange offer and consent solicitation are an integral part. The company intends to complete the exchange offer of the existing 2012 convertible notes by the end of September, at which time it expects to close the entire refinancing.
Horizon Lines, Inc. is the nation's leading domestic ocean shipping and integrated logistics company. The company owns or leases a fleet of 20 U.S.-flag containerships and operates five port terminals linking the continental United States with Alaska, Hawaii, Guam, Micronesia and Puerto Rico. The company provides express trans-Pacific service between the U.S. West Coast and the ports of Ningbo and Shanghai in China, manages a domestic and overseas service partner network and provides integrated, reliable and cost competitive logistics solutions. Horizon Lines, Inc., is based in Charlotte, NC, and trades on the New York Stock Exchange under the ticker symbol HRZ.
The exchange offer and consent solicitation had been scheduled to expire at 11:59 p.m., New York City time, on September 23, 2011. As of the initial expiration date on September 23, 2011, 99.3% of the $330.0 million aggregate principal amount of the 2012 convertible notes had been tendered into the exchange offer and consent solicitation.
The company and its advisors continue to work with the financial and legal advisors to the informal committee of noteholders to finalize the documentation and terms of the recapitalization plan, of which the exchange offer and consent solicitation are an integral part. The company intends to complete the exchange offer of the existing 2012 convertible notes by the end of September, at which time it expects to close the entire refinancing.
Horizon Lines, Inc. is the nation's leading domestic ocean shipping and integrated logistics company. The company owns or leases a fleet of 20 U.S.-flag containerships and operates five port terminals linking the continental United States with Alaska, Hawaii, Guam, Micronesia and Puerto Rico. The company provides express trans-Pacific service between the U.S. West Coast and the ports of Ningbo and Shanghai in China, manages a domestic and overseas service partner network and provides integrated, reliable and cost competitive logistics solutions. Horizon Lines, Inc., is based in Charlotte, NC, and trades on the New York Stock Exchange under the ticker symbol HRZ.
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