American Commercial Lines announces debt repayment as part of IPO

By Ted A. Knutson

Washington, July 19 - American Commercial Lines, Inc. said it will use an unspecified amount from an estimated $201.25 million initial public offering of common stock to repay a portion or all of its $200 million in principal amount of 9½% senior notes due 2015 issued Feb. 11 and debt under its asset-based revolver.

On Jan. 23, American Commercial entered into a $35 million asset-based revolving credit facility with Bank of America and UBS Loan Finance LLC.

Some of American Commercial's shareholders will be selling shares in the IPO. The number of shares to be sold by the company and selling shareholders was not revealed.

Merrill Lynch & Co. and UBS Investments are the co-lead underwriters. The other underwriters are Banc of America Securities LLC, Credit Suisse First Boston and Deutsche Bank Securities.

The Jeffersonville, Ind.-based freight transportation company made the announcement in an S-1 filing with the Securities and Exchange Commission.

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