American Commercial Lines plans IPO
American Commercial Lines, the Jones Act barge and tugboat operator, plans to raise $201 million through an initial public offering.
In a filing Tuesday with the U.S. Securities and Exchange Commission, the company said it wants to sell its stock to the public “as soon as possible.” It did not detail terms of the IPO.
American Commercial Lines, which has struggled financially in recent years and emerged from bankruptcy in January, is one of the largest and most diversified marine transportation and service companies in the United States. It provides barge transportation and related services and manufactures barges, towboats and other vessels.
As of March 31, the company operated some 3,215 owned barges and 125 owned towboats, not counting 25 towboats operated exclusively for American Commercial Lines by third parties.
The company operates its vessels on U.S. inland waterways, including the Mississippi River System, its connecting waterways and the Gulf intracoastal waterway. It said it is the second-largest provider of dry cargo barge transportation and liquid cargo barge transportation on U.S. inland waterways.
In 2004, the company had revenue of $632.3 million and net income of $4.4 million.