CHARLOTTE, N.C., Oct. 4, 2011 /PRNewswire/ -- Horizon Lines, Inc.
(NYSE: HRZ) disclosed that its previously announced exchange offer
and consent solicitation expired on October
3, 2011, at 5:00 p.m.,
New York City time. As of
the expiration of the exchange offer, 99.3% of the $330.0 million aggregate principal amount of the
4.25% Convertible Senior Notes due 2012 (the "2012 convertible
notes") had been tendered into the exchange offer and consent
solicitation.
As part of the exchange offer, the company has also secured
consents from participating holders of the 2012 convertible notes
to remove substantially all of the restrictive covenants and
certain events of default from the indenture governing the 2012
convertible notes.
The Securities and Exchange Commission (SEC) has also declared
the Registration Statement on Form S-4, as amended, effective.
The company intends to complete the exchange offer as soon as
possible, but in no event later than October
6, 2011, at which time it expects to close the entire
refinancing.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy any security. The exchange
offer was made solely by the prospectus and the related letter of
transmittal that was filed with the SEC in connection with the
exchange offer.
About Horizon Lines
Horizon Lines, Inc. is the nation's leading domestic ocean
shipping and integrated logistics company. The company owns or
leases a fleet of 20 U.S.-flag containerships and operates five
port terminals linking the continental United States with Alaska, Hawaii, Guam,
Micronesia and Puerto Rico. The company provides express
trans-Pacific service between the U.S. West Coast and the ports of
Ningbo and Shanghai in China, manages a domestic and overseas service
partner network and provides integrated, reliable and cost
competitive logistics solutions. Horizon Lines, Inc., is based in
Charlotte, NC, and trades on the
New York Stock Exchange under the ticker symbol HRZ.
Forward Looking Statements
The information contained in this press release should be read
in conjunction with our filings made with the Securities and
Exchange Commission. This press release contains "forward-looking
statements" within the meaning of the federal securities laws.
Forward-looking statements are those that do not relate solely to
historical fact. They include, but are not limited to, any
statement that may predict, forecast, indicate or imply future
results, performance, achievements or events. Words such as, but
not limited to, "will," "intend," "expect," "would," "could,"
"must," "may," and similar expressions or phrases identify
forward-looking statements.
Factors that may cause expected results or anticipated events or
circumstances discussed in this press release to not occur or to
differ from expected results include: the ability of the parties to
agree on the final terms of the refinancing; our ability to close
on the refinancing; our ability to satisfy other conditions of the
refinancing, including satisfaction of any remaining diligence
requests; the ability of the investors to fund the refinancing;
general conditions in the capital markets; general economic
conditions; our ability to maintain adequate liquidity to operate
our business; volatility in fuel prices and in freight rates;
decreases in shipping volumes; our ability to remain Jones Act
compliant because of changes in ownership; or our ability to
continue as a going concern.
All forward-looking statements involve risk and uncertainties.
In light of these risks and uncertainties, expected results or
other anticipated events or circumstances discussed in this press
release might not occur. The forward-looking statements included in
the press release are made only as of the date they are made and
the company undertakes no obligation to update any such statements,
except as otherwise required by applicable law. See the section
entitled "Risk Factors" in our Form 10-K filed with the SEC on
March 28, 2011, for a more complete
discussion of these risks and uncertainties and for other risks and
uncertainties. Those factors and the other risk factors described
therein are not necessarily all of the important factors that could
cause actual results or developments to differ materially from
those expressed in any of our forward-looking statements. Other
unknown or unpredictable factors also could harm our results.
Consequently, there can be no assurance that actual results or
developments anticipated by us will be realized or, even if
substantially realized, that they will have the expected
consequences.
SOURCE Horizon Lines, Inc.