Terms of Trailer Bridge borrowing finalized
Jacksonville, Fla.-based Trailer Bridge Inc. said Thursday it has finalized the interest rate and amount of the borrowing it will take out through senior secured notes due 2011.
The notes were priced at a fixed interest rate of 9.25 percent. Investor interest in the notes resulted in the overall amount offered increasing to $85 million from the initial offering amount of $80 million. The offering is expected to close on Dec. 1.
The U.S. mainland/Puerto Rico operator expects to receive about $81.5 million in net proceeds from the offering. It will use the money to acquire the outstanding stock of Kadampanattu Corp. and pay back other debts. Kadampanattu Corp. owns and leases to Trailer Bridge two triple-deck roll-on/roll-off barges.
Terms of Trailer Bridge borrowing finalized
