Horizon Lines reduces debt by $25 million

Horizon Lines reduces debt by $25 million Horizon Lines says it has made a $25 million prepayment on its outstanding long-term debt as part of an overall strategy to reduce debt levels.
   The $25 million prepayment is being applied to the current $244.4 million remaining balance on the $250.0 million term loan component of Horizon Lines' senior credit facility.
   'This $25.0 million debt prepayment represents a continuation of our commitment to further reduce the company's leverage,' said Mark Urbania, senior vice president and chief financial officer. 'This prepayment will result in annual gross interest savings of approximately $1.9 million, and net interest savings of approximately $600,000 beginning immediately. Going forward, reducing our leverage will continue to be a key component of our overall business strategy.'