Horizon Lines plans $300 million convertible bonds offering to partly fund tender offer

By Evan Weinberger

New York, July 17 - Horizon Lines, Inc. announced Tuesday that it would offer up to $300 million in convertible bonds to partially finance a tender offer on two outstanding straight bonds.

Details of the pending convertible offer are expected in the coming weeks.

Horizon Lines began a tender to buy back up to $197 million of the 9% senior notes due 2012 issued by its subsidiaries Horizon Lines, LLC and Horizon Lines Holding Corp. and up to $104 million of the 11% senior discount notes due 2013 issued by H-Lines Finance Holding Corp.

Horizon Lines also plans to replace its existing credit facility with a new credit facility consisting of a $125 million term loan and a $200 million revolver to fund the tender offer.

Horizon Lines is a Charlotte, N.C.-based container shipping and integrated logistics operations company.

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