Horizon Lines said Wednesday it has closed on a bridge loan facility of up to $25 million from a group on noteholders and reached an agreement with its existing bank group to amend its current credit facility to accommodate the bridge loan.
It also said it has made a $7 million payment to noteholders. The interest payment was originally due on Aug. 15, but the company elected to take advantage of a 30-day grace period.
The country’s largest domestic container carrier said the deals would provide it with more than $35 million of liquidity to bridge the company to the closing of a comprehensive refinancing announced in August.
Horizon Lines closes on bridge loan
