Horizon Lines prepaying more debt
Puerto Rico trade carrier Horizon Lines said it is making a $25 million prepayment today on its outstanding long-term debt.
The announcement follows an earlier prepayment of $25 million made Dec. 14, and brings the company's total prepayments since Sept. 29, 2006 to $55.6 million.
The company said the $25 million prepayment will reduce the outstanding term loan to $193.3 million, and reduce total debt outstanding of $508.2 million to $482.6 million.
'This $25 million prepayment delivers on our ongoing commitment to reduce leverage,' said Mark Urbania, senior vice president and chief financial officer. 'This prepayment will save us approximately $1.9 million in gross annual interest expense and approximately $.6 million in net annual interest expense.'