Chase Leads Barge Deal

Underwriter Chase is leading a deal to recapitalise American Commercial Lines (ACL), a unit of Richmond, Virginia-based CSX Corp. CSX had announced plans to convey ACL to a venture formed with Vectura Group Inc for approximately $850m in cash and securities. CSX is to receive $695m in cash and $155m in securities issued by the venture, including a 34 per cent stake in the venture. Wasserstein Perella & Co served as CSX’s advisor on the transaction. As part of the transaction, National Marine Inc (NMI), a wholly owned subsidiary of Vectura, will be combined with ACL to create a company with assets of about $1bn. The business will be based in Jeffersonville, Indiana.

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