By Paul A. Harris
St. Louis, Feb. 8 - American Commercial Lines LLC, issuing in conjunction with ACL Finance Corp., priced a $200 million issue of 10-year senior notes (B3/B-) at par to yield 9½%, according to a syndicate source.
Price talk was 9 5/8% to 9 7/8%.
UBS Investment Bank and Banc of America Securities LLC were the joint bookrunners for the Rule 144A/Regulation S issue. Merrill Lynch & Co. was the co-manager.
The company will also put in place a $225 million asset-backed revolving credit facility.
Proceeds will be used to repay the company's existing $35 million asset-based revolver, to repay its $225 million senior secured term loan and to repay its $140 million junior secured term loan.
American Commercial Lines is a Jeffersonville, Ind.-based marine transportation and services company.
| Issuer: | American Commercial Lines LLC/ACL Finance Corp.
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| Amount: | $200 million
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| Maturity: | Feb. 15, 2015
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| Security description: | Senior notes
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| Bookrunners: | UBS Investment Bank, Banc of America Securities LLC
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| Co-manager: | Merrill Lynch & Co.
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| Coupon: | 9½%
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| Price: | Par
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| Yield: | 9½%
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| Spread: | 546 basis points
|
| Call features: | Callable after Feb. 15, 2010 at 104.75, 103.0, 101.50 and par on and after Feb. 15, 2013
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| Equity clawback: | Until Feb. 15, 2008 for 35% at 109.50
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| Trade date: | Feb. 8
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| Settlement date: | Feb. 11
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| Ratings: | Moody's: B3
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| Standard & Poor's: B-
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| Price talk: | 9 5/8%-9 7/8%
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