American Commercial Lines talks $225 million five-year PIK toggle notes will 11¼% area yield

By Paul A. Harris

Portland, Ore., Feb. 9 - ACL I Corp., the parent of American Commercial Lines Inc., talked a $225 million offering of five-year senior PIK toggle notes (/CCC+/) with an 11¼% area yield, including 1 to 2 points of original issue discount, an informed source said on Wednesday.

The books close at 11 a.m. ET on Thursday, and the deal is set to price thereafter.

Bank of America Merrill Lynch, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners for the Rule 144A with registration rights offering.

PNC Capital Markets, RBS Securities Inc. and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes come with 1.5 years of call protection and a 101% poison put.

The Jeffersonville, Ind.-based shipping and transportation services provider plans to use the proceeds to fund a special dividend to redeem equity advanced in connection with the acquisition of American Commercial Lines by certain affiliates of Platinum Equity LLC.

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