American Commercial Lines secures credit facility extension
American Commercial Lines Inc. yesterday 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.
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 and that management will conduct a conference call to discuss the Company's fourth quarter and full year financial results on March 5, 2009, at 10:00 a.m. Eastern time. ACL's live webcast, featuring a slide presentation, may be accessed at www.aclines.com. The telephone numbers to access the conference call are: Domestic (866) 804-6921; International (857) 350-1667; and the Participant Passcode is 30198970. For those unable to participate in the live call or webcast, the ACL Conference Call will be archived at www.aclines.com within three hours of the conclusion of the live call and will remain available through May 5, 2009.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately $1 billion in revenues and approximately 3,300 employees as of December 31, 2007.
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 and that management will conduct a conference call to discuss the Company's fourth quarter and full year financial results on March 5, 2009, at 10:00 a.m. Eastern time. ACL's live webcast, featuring a slide presentation, may be accessed at www.aclines.com. The telephone numbers to access the conference call are: Domestic (866) 804-6921; International (857) 350-1667; and the Participant Passcode is 30198970. For those unable to participate in the live call or webcast, the ACL Conference Call will be archived at www.aclines.com within three hours of the conclusion of the live call and will remain available through May 5, 2009.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately $1 billion in revenues and approximately 3,300 employees as of December 31, 2007.